The new regulation enables decentralized autonomous organizations to establish contracts with third parties, open bank accounts, and pay taxes, along with providing liability protection to its members.
Wyoming Governor Mark Gordon has signed into law a bill establishing a legal framework for the formation and management of decentralized autonomous organizations (DAOs).
The bill was sponsored by the legislature’s special committee on blockchain, financial technology and digital innovation, and introduces a legal status for decentralized unincorporated nonprofit associations (DUNAs) based in the state.
DAOs are also allowed to pay compensation to their members, including in exchange for participation in the governance process, reads the analysis. “Wyoming’s approach supports the web3 ethos, while still enabling cash flows to digital asset holders. This is a significant breakthrough.”
