Hong Kong explores DAO regulation for Web3 stability and investor attraction.
Johnny Ng advocates Bitcoin inclusion in Hong Kong’s financial reserves.
Hong Kong lawmaker Johnny Ng Kit-chong has proposed creating a legal framework to regulate decentralized autonomous organizations (DAOs) to bolster Hong Kong’s stability in the Web3 investment landscape. Ng believes that such regulation would attract significant overseas talent and capital, reinforcing the city’s position as a global leader in digital finance.
This suggestion follows a recent landmark ruling by the Hong Kong High Court, which ordered six key figures involved in the MANTRA DAO project to disclose financial records. The court’s decision came in response to allegations of misappropriation involving assets worth HK$6 billion.
Meanwhile, the defendants argued that the DAO’s token holders, not the company, owned these assets. They emphasize the decentralized nature of DAOs. Despite these arguments, cou
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