The trip followed an exciting development that took place earlier this year: Legal Nodes was selected by the St Helena Government to provide consultancy for an innovative project in the DAO industry.
Nestor and Max spent last week in consultations, meeting with the island's officials to explore opportunities for the island in the digital/programmable economy and the innovative programmable entity (DAO) that is a crucial part of such an economy.
Growing demand for DAO legal structuring
The demand for DAO legal structuring is growing due to recent regulatory developments worldwide. More and more regulators are concluding that sufficiently decentralized and fully decentralized blockchain projects fall outside the scope of VASP/CASP regulations. As a result, DAOs are playing an even more important role in the Web3 ecosystem as a vital part of the decentralization strategy for many blockchain projects.
In response to the growing market demand for DAO structuring, more and more countries are looking into this new type of entity and providing a framework for its registration. St Helena, a small island in the South Atlantic Ocean with a rich history, is one of these countries at the forefront of legal innovations.
How we help
As a multi-jurisdictional platform for innovative businesses with over 100 blockchain-savvy legal partners worldwide, Legal Nodes has utilized its experience and knowledge from the past 5 years to assist the St Helena government in analyzing the global regulatory environment for DAOs and identifying a competitive edge and opportunities to differentiate themselves in the market when it comes to legally wrapping DAOs. More updates regarding the DAO project will be provided as our cooperation progresses.
The global economy is changing and moving towards an on-chain model, which requires new types of programmable entities that align with this new programmable economy. It is great to be part of this process together with such open-minded and forward-looking governments like St Helenian!