Johnny Ng, a lawmaker in Hong Kong, expressed his hope for the government to improve the ecology of Web3 and regulate DAOs legally. Ng believes this will attract more industry players to the city, driving economic growth.
In 2022, the government proposed measures to develop the virtual assets industry and establish itself as an international cryptocurrency hub. The introduction of a new licensing regime for virtual asset providers last year reinforced this goal.
Web3, a decentralized version of the World Wide Web, relies on blockchain technology. A recent court case involving MANTRA DAO highlighted ownership disputes and transparency issues within the industry.
The High Court’s ruling on MANTRA DAO’s financial disclosure underscores the need for accountability in the cryptocurrency industry. Lawyer Monin Ung emphasized the importance of regulatory frameworks for DAOs to protect investors and prevent misuse of funds.
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