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Category: NFT News

Wyoming’s New DAO Act Gets ‘Two Thumbs Up’

By Published On: March 11, 20243.1 min readViews: 1760 Comments on Wyoming’s New DAO Act Gets ‘Two Thumbs Up’

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The state created a statue dubbed DUNA–the Decentralized Unincorporated Nonprofit Association.

A landmark bill passed in Wyoming, expanding the already friendly legal waters for decentralized autonomous organizations (DAOs) in the state.

The new bill, which was approved on March 7, will provide a legal framework for DAOs to enter into legal contracts with third parties, allow them to pay taxes, and provide the organizations with limited liability–a term that offers protection for shareholders and stakeholders.

The act will go into effect on June 1.

Decentralized autonomous organizations are meant to coordinate global, digital communities around a common project or goal. They often use web3 tools, including token-based governance and smart contracts to inscribe rules and execute decisions.