United Kingdom: Opened consultation on Decentralised Autonomous Organisations (DAOs)

On 16 November 2022, the United Kingdom Law Commission opened a consultation on the legal classification of Decentralised Autonomous Organisations (DAOs) until 25 January 2023. DAOs include systems relying on protocols such as blockchains or smart contracts, which may or may not be part of wider incorporated entities. The Commission seeks stakeholder engagement to ensure that the current legal framework accounts for DAOs' specific technical characteristics and legal components. The consultation aims to gather information on the current legal categories applied to decentralised systems and determine whether new categories need to be considered for the entities operating in the crypto-token and decentralised finance ecosystem.