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Utah DAO Act: How the Law Was Made and What It Means for Decentralized Business

The Utah State Legislature has passed the Utah DAO Act, which grants legal recognition and limited liability protections to decentralized autonomous organizations (DAO) in the state. DAOs are not recognized as legal entities by default, and giving them legal status in Utah could help clear up regulatory concerns. The Act allows DAOs to become a legal entity, apply for a tax ID number, open a bank account, own property, deal with non-DAO businesses, run payroll, and exist in the ‘real’ world as opposed to on-chain only. The new law also recognizes the importance of DAO-compliant anonymity and provides certain protections for organizers and operators of DAOs. The Utah DAO Act is expected to have an impact on the tax treatment of DAOs, enabling them to operate legally and avoid accruing massive tax liabilities. Lawmakers and task force members hope that the law can attract DAOs from overseas and make the state more competitive for Web3 development.

(By ANTHONY CLARKE)

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