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<ul><li>Hong Kong High Court mandates HK$6 billion DAO project to disclose financial records, setting a legal precedent.</li><li>Legislator Johnny Ng urges the government to boost investor confidence with a regulatory framework for DAOs.</li><li>This initiative aims to transform Hong Kong into a leading global hub for decentralized Web3 technologies.</li></ul>Hong Kong is poised to take a significant step in blockchain regulation following a court <a href="https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3275066/hong-kong-urged-grab-chance-after-world-first-financial-disclosure-order-blockchain-case" rel="noopener noreferrer nofollow">ruling</a> by the city&#39;s High Court, which mandated a HK$6 billion DAO project to disclose its financial records. This case which involves the MANTRA DAO of RioDeFi vs it&#39;s former employees, shows the necessity for a clear regulatory framework in managing DAOs (decentralized autonomous organizations). Lawmaker Johnny Ng Kit-Chong emphasized the need for legal measures to enhance investor confidence and establish Hong Kong as a global center for Web3 technologies.Government&#39;s Role and ProposalsIn response to this opportunity, the Hong Kong government has been urged to establish comprehensive regulations for DAOs, aiming to attract more industry participants to the city. The call for regulation follows previous initiatives, including a new licensing regime for virtual asset providers aimed at promoting the city as an international cryptocurrency hub. The proposed legal framework would cover financial accounts, employment terms, and intellectual property within DAOs.Judicial InsightHigh Court judge Mr. Justice David Lok highlighted the growing importance of the cryptocurrency sector and the necessity for ongoing financial transparency, especially concerning the rights of investors and stakeholders within DAO projects. The ruling not only addresses immediate concerns but also sets a precedent for future governance in the fast-evolving blockchain landscape.<a href="https://cryptotale.org/hong-kong-advances-blockchain-regulation-with-pioneering-legal-framework/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Hong Kong Advances Blockchain Regulation with Pioneering Legal Framework

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