Hong Kong Lawmaker Recommends DAO Regulation to Draw in Global Talent
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Hong Kong legislator Johnny Ng proposed that the government establish decentralized autonomous organization (DAO) regulations to strengthen the city’s Web3 investment sector and attract international talent.
“I hope the government can improve the ecology of Web3 and regulate DAOs legally so that more people in the industry will come to Hong Kong to develop their projects and bring in capital and talent,” local media reported Ng saying.
“It can be an important part of pursuing economic growth.”
Hong Kong lawmaker Johnny Ng suggested that HK government should explore creating a legal framework to regulate decentralized autonomous organizations to enhance Hong Kong's stability in the Web3 investment landscape, thereby attracting significant overseas talent and capital.…
His call comes after a recent High Court ruling involving Mantra DAO. The court ordered Mantra and infrastructure host RioDeFi to disclose financial details for Mantra Chain’s operations. The ruling addresses a dispute with former RioDeFi employees accused of misappropriating funds and business from Mantra.
RioDeFi, the plaintiff, claimed its founding role and stated that it had hired two among the six defendants to manage the project in 2020.
Ng highlighted that the project’s market value was HK$6b ($780m).
Last year, the court instructed Mantra DAO to provide its financial spreadsheets and supporting documents to the plaintiffs upon request. The court recently revealed the reason for this ruling.
RioDeFi, incorporated in Malaysia in 2019, claimed that the defendants stopped reporting to them in 2021. They also suspected the defendants
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