October 31, 2023
The amended law has introduced several key changes that enhance the benefits of the original law. One significant change is the provision for a faster registration time, reducing it from a range of 30-60 days to a maximum of 30 days. This streamlined process will expedite the registration of entities and promote efficiency.
Another important aspect of the amended law is the clarification regarding the responsibility of DAOs for the use of open-source software. Under the new law, DAOs will not be held accountable solely because they created the software. This provision recognizes the collaborative nature of open-source development and ensures that DAOs are not unfairly burdened with legal liabilities.
Furthermore, the amended law addresses the classification of governance tokens. It explicitly states that most governance tokens are not considered securities, provided they do not confer any economic rights that lead to financial gain. This distinction is crucial in distinguishing governance tokens from traditional securities and promotes regulatory clarity in the cryptocurrency space.
In summary, the amended law strengthens the benefits of the original law by expediting registration, protecting DAOs from undue legal responsibility, and providing clarity on the classification of governance tokens. These changes aim to foster innovation, streamline processes, and promote a fair and transparent regulatory environment for decentralized organizations.
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