The UK Law Commission scoping paper suggested legal reforms for DAOs, a review of the Companies Act and international cooperation on AML and tax frameworks.
The Law Commission of the United Kingdom believes that decentralized autonomous organizations (DAOs) do not warrant separate legal oversight and should be accommodated within existing financial regulations and tax frameworks.
The Law Commission — a statutory body dedicated to law reforms — published a scoping paper on DAOs, revealing the lack of general consensus about the characteristics of a DAO.
According to the Commission, implementing a blanket law on DAO is not feasible in its current form as the disparate ecosystem tends to adjust its operations according to local judicial requirements.
