DAO, a decentralized autonomous organization, is a digital native organization with no central management that is regulated by a set of automated enforceable rules on a public blockchain. You can think of it as a new way to organize people with a common goal.
These rules are compiled on “smart contracts” which are bits of code that can take control over assets, manage their use and generally act as if you had automated a normal contract execution.
DAOs are already a multi-billion-dollar industry and the problem is they do not fit into any classical representation of a company. Thus, they have no proper legal standing and face regulatory uncertainty. This is why the WACEO emerged as a non-profit organization to give them all the necessary support.
WACEO consists of a team of legal professionals and field experts who have built DAOs for almost half a decade. It aims to provide a legal pathway for DAOs to operate in compliance with the appropriate regulatory framework.
Providing legal and regulatory audits during the formation and management of blockchain projects.
Providing supervisory support to stakeholders in the form of contracts, policies and procedures.
All in all, DAOs are an exciting new organizational structure and the legal framework governing this space is still unclear. WACEO will provide the much-needed clarity and ultimately participate in determining the future of the blockchain industry.
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