“Create rules to support people taking on new challenges in DAO” Liberal Democratic Party web3PT summarizes the hackathon

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Making rules for DAO

On the 24th, Congressman Takuya Hirai, the first Digital Minister, announced that he had reviewed the “DAO Rulemaking Hackathon” and discussed the proposals.

He explained that he has been steadily organizing issues and improving laws and tax systems in order to steadily develop web3. He also stated that he would like to promote the creation of rules that support people taking on new challenges regarding the new organization structure in the web3 era.

Digital headquarters web3PT. This time, we looked back on the “DAO Rulemaking Hackathon,” which was held a total of four times (21 companies participated), and discussed proposals. This PT will step by step, but steadily, address the issues for the development of web3… pic.twitter.com/GUn8Dg8f1u

— Takuya Hirai (@hiratakuchan) January 24, 2024

What is DAO?

Abbreviation for “Decentralized Autonomous Organization.” Unlike a typical company, it refers to an organization that does not have a central administrator such as a business owner, and is managed by participating members and algorithms.

Virtual currency glossary

The DAO rulemaking hackathon has been held since November last year by the web3 project team (PT) of the Digital Society Promotion Headquarters of the Liberal Democratic Party. With the number of DAOs (Decentralized Autonomous Organizations) increasing in Japan, the aim was to consider further support for DAOs from an institutional perspective.

connection: “We want to create an environment where users can maximize their potential” Liberal Democratic Party starts DAO hackathon

According to Coin Desk Japan, web3PT chairman Masaaki Taira, a lawmaker, commented as follows:

(DAO) is an organization based on blockchain, which we see as an incentive revolution. Based on the results of the hackathon, we will start from where we can.

Furthermore, we would like to implement policies with an eye toward their final form in the future.

On the 23rd of last month, Representative Taira announced that he would indicate the direction regarding the DAO rules by the beginning of 2024.explanationWas. Also, on the 23rd of this month, he reported that he had previously briefed Policy Research Council Chairman Watami on his policy recommendations regarding the DAO.

Liberal Democratic Party headquarters.

Preliminary explanation of web3PT’s DAO policy recommendations (environmental improvement for realizing a limited liability company type DAO, etc.) to Policy Research Council Chairman Watami. pic.twitter.com/GBR6CnfyJx

— Taira Masaaki (@TAIRAMASAAKI) January 23, 2024

CoinDesk Japan reported that a draft proposal is expected to be published within the next few days.

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Hackathon content

This hackathon was held by inviting related organizations and companies that have presented at web3PT, as well as recommended businesses. Representative Hirai reported that 21 companies and organizations participated in a total of four meetings.

The following points were listed in advance as points to consider.

What is the reason for creating a DAO? Are there any problems with corporate status?
There is an existing legal entity, but what is the reason for not belonging to it?
Will there be a distribution of monetary value? Are there any problems with the FIEA?
Will there be a distribution of non-monetary value? Are there any problems with existing laws?

The contents of the hackathon are summarized in a “note” by Representative Shiozaki. For example, in the materials of DeNA, which operates businesses such as games and sports, the following issues are listed in the column of “Requirements for rule formulation.”

DAOs and NFTs have template programs, and while they have the advantage of being able to easily duplicate and expand their mechanisms by copying their code, such flexible movements are not possible due to existing corporate structure and legal systems. It may be difficult to do so, and people are not able to take advantage of the benefits.

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The proposals that will be made public are expected to provide direction regarding legal development, taxation, registration, and other areas.