BDA legal committee establishes new DAO
A legal committee in Bermuda has established a new organisation designed as a flexible alternative structure for communities of tech and digital developers to collaborate on different projects.
In a statement, the Bermuda Business Development Agency said that the Bermuda Legal Committee DAO, comprised of lawyers practising in Bermuda, had established a Decentralised Autonomous Organisation.
It has been formed to help the BDA’s DAO working group investigate law reform proposals for the introduction of digital governance models into Bermuda law and to streamline decision-making.
Steven Rees Davies, chairman of the working group, said: “The launch of the Bermuda Legal Committee DAO is a welcome step in the evolution of Bermuda’s world-leading sophisticated regulatory regime for digital assets.
“We expect the DAO to lead to efficient decision-making which will be favourably recognised by the global digital-asset industry, making Bermuda an even more attractive domicile in which to set up quality digital-asset businesses.”
Bourn Collier, administrator of the Bermuda Legal Committee DAO, added: “The process of establishing the Bermuda Legal Committee DAO has engaged all members in adapting advanced technical processes to the activity of law reform.
“We anticipate efficient governance models for business to be further developed in Bermuda.”
Kendaree Burgess, the BDA’s chief operating officer, said: “We have been fortunate to facilitate this innovative project and expect it will help encourage new innovative businesses to consider working in Bermuda.”
According to the BDA, DAOs, which first appeared in 2016, have become popular as flexible alternative structures for communities of tech and digital developers to collaborate on different projects, without incorporating all elements of a typical business structure.
They are often used to operate digital wallets, which hold cryptocurrency to fund projects, with current recorded balances of cryptocurrency held in DAO wallets exceeding $30 billion, according to industry dashboard DeepDAO.
The BDA said that the formation of the Bermuda Legal Committee DAO aligns with the “Local and International Business Retention” and “Business Attraction and Investment Promotion” strategic priorities outlined in Bermuda’s Economic Development Strategy.
The work of the Bermuda Legal Committee DAO will involve making recommendations for future law reform to Bermuda’s legislature and the Bermuda Monetary Authority.
The Bermuda Legal Committee DAO is not regulated or licensed in Bermuda.
• To read the BDA’s statement in full, see Related Media
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