Launch Of Bermuda Legal Committee DAO

June 9, 2024 | 0 Comments

A Bermuda Business Development Agency [BDA] committee comprised of lawyers practicing in Bermuda have established a Decentralised Autonomous Organisation [DAO].

A spokesperson said, “The DAO was formed to assist the BDA’s DAO Working Group to investigate law reform proposals for the introduction of digital governance models into Bermuda law and to streamline decision-making. The project organisation, known as the Bermuda Legal Committee DAO, was established using voting protocols constituted on the ethereum blockchain and is one of the first such DAOs established by regulated professionals in Bermuda and elsewhere.”

Steven Rees Davies, Chair of the BDA’s DAO Working Group, said: “The launch of the Bermuda Legal Committee DAO is a welcome step in the evolution of Bermuda’s world-leading sophisticated regulatory regime for digital assets. We expect the DAO to lead to efficient decision making which will be favourably recognised by the global digital asset industry, making Bermuda an even more attractive domicile in which to set up quality digital asset businesses.”

The spokesperson said, “The work of the Bermuda Legal Committee DAO will involve making recommendations for future law reform to Bermuda’s legislature and the Bermuda Monetary Authority [BMA], Bermuda’s financial services regulator, which supervises activities which involve carrying on of digital asset business, which include the issuance of digital assets including cryptocurrency. The Bermuda Legal Committee DAO is not regulated or licensed in Bermuda.”

Bourn Collier, administrator of the Bermuda Legal Committee DAO, said: “The process of establishing the Bermuda Legal Committee DAO has engaged all members in adapting advanced technical processes to the activity of law reform. We anticipate efficient governance models for business to be further developed in Bermuda.”

Kendaree Burgess, Chief Operating Officer of the BDA said: “We have been fortunate to facilitate this innovative project and expect it will help encourage new innovative businesses to consider working in Bermuda.”

The spokesperson said, “First appearing in 2016, DAOs have become popular as flexible alternative structures for communities of tech and digital developers to collaborate on different projects, without incorporating all elements of a typical business structure. They are often used to operate digital wallets which hold cryptocurrency to fund projects, with current recorded balances of cryptocurrency held in DAO wallets exceeding $30 billion according to industry dashboard DeepDAO.

“In 2017, the Bermuda government announced that it would dedicate resources to developing the territory as a stable and regulated international financial centre for Financial Technology [FinTech] and digital assets. The primary legislation that came out of this initiative is the Digital Asset Business Act 2018 [DABA], which creates the regulatory framework for digital asset business under the supervision of the BMA. Following on from DABA is the Digital Asset Issuance Act 2020 [covering initial offerings of digital assets].

“The formation of the Bermuda Legal Committee DAO aligns with the ‘Local and International Business Retention’ and ‘Business Attraction and Investment Promotion’ strategic priorities outlined in Bermuda’s Economic Development Strategy.”

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