The Utah State Legislature passed Act HB 357, also known as the Utah Decentralized Autonomous Organizations (DAOs) Act.
This new law provides legal recognition and limited liability to DAOs, legally framing them as "Utah LLDs." The Act was the result of combined efforts between the Digital Innovation Taskforce and the Utah Blockchain Legislature.
The Utah DAO Act was approved on March 1, 2023, after passing through the Senate and House committees. It defines ownership of DAOs and protects DAO-compliant anonymity through bylaws. Quality assurance DAO protocols are also introduced to ensure clear nuances in tax treatment and updated DAO functionalities.
(By AMAKA NWAOKOCHA)
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