Wu Jiezhuang: It is time for Hong Kong to embrace DAOs and integrate them into Hong Kong law

Now is the time for Hong Kong to focus on this thriving ecosystem, embrace the opportunities offered by DAOs, and position itself as a hub for the development of Web3, said Ng Kit-chuang, a member of the Hong Kong Legislative Council, in an article. Just as neighbouring regions such as Singapore capitalize on the opportunities offered by Web3, Hong Kong must also keep up with the latest developments and cultivate the seeds of technology that will shape the digital future.
Regarding the current status and proposals for the development of DAOs in Hong Kong, Mr. Ng said that it is clear that the current legal framework in Hong Kong has not yet fully integrated the unique attributes of DAOs. If the city aspires to become a beacon for blockchain businesses, it must embark on a transformative journey to rewrite the legal narrative and create a hospitable environment for these decentralized entities to thrive.