States recognizing DAOs as they embrace blockchain

March 30, 2023

As states slowly embrace decentralized autonomous organizations as a new method of corporate governance and reckon with the potential impacts of blockchain technology, a handful are on a path to legally recognizing DAOs. DAOs have been formed to streamline cryptocurrency transactions, but they can also facilitate smart contracts and other decentralized business decisions. Utah would be one of a small minority of states so far to recognize DAOs as legal entities. Meanwhile, New Hampshire’s Commission on Cryptocurrencies and Digital Assets recommended in its own report this year that the state offer limited liability protections to DAOs. The embrace of DAOs from Utah lawmakers comes as states look at the possibilities of blockchain and how to attract businesses that take advantage of the technology.

The source of this news is from TaxBit