This is good news for blockchain technology by enabling DAO to contact with other legal persons.
Workers and developers working in decentralized finance are asking for a new limited liability legal entity that will represent a decentralized organization.
The digital law association which is the association of technology driven lawyers and global law firm herbert smith freehills.
This move will give legal standing to block chain organization meaning DAO can now contract with other legal persons.
The report said, "It is for the purpose of cooperate government meaning board of directors would be replaced with internet community this is because having a limited liability structure will prevent every member from being potentially liable for their losses incurred by decision made by the member of a community.
The senate select committee which is what they are called are tasked on Australia as a technology and financial center in forming Australia fintech's and blockchain policy
They lawyers said that it will attract developers and entrepreneurs to australia, and the AGF knows that crypto talents are flocking to countries with clearer regulations are some of those countries are Germany and singapore.
Is This A Good Plan By Australia To Overcome Economic Challenges?
While some will say Australia doesn't have economic challenges because it is a developed country i will say for a country to remain developed it needs to be in a good place financially and Australia knows this that is why they are looking into innovations and technology that will bring in money and also create jobs for it's citizens.
Australia has been through a lot last year from the wildfire and the pandemic which has hit the economy hard, Australia gets a lot of money from tourism and it will be smart now that DAO is booming to come out and say that we want DAO entrepreneurs, we are open for business and that will attract a lot of crypto investors just like how El salvador has done so it is a good move from Australia and more countries that will be open to crypto very soon.