ChainCatcher news, the Republic of the Marshall Islands has passed the "Decentralized Autonomous Organization Act of 2022," extending the legality of DAOs. Earlier this year, the Marshall Islands became the first country to recognize DAOs as legal entities. The Republic of the Marshall Islands recognizes DAOs as Limited Liability Companies (LLCs), and the new law will allow the establishment of DAOs in the Marshall Islands, providing these decentralized crypto communities with an internationally recognized LLC structure, as long as they identify as DAO LLCs.It is reported that the new law in the Marshall Islands covers both for-profit and non-profit DAOs. The legal framework also recognizes the internal governance processes of these organizations, including voting on proposals and tokenization. The government has also created a registration process for these crypto communities. According to the announcement, the Marshall Islands DAO or MIDAO will oversee the registration center. MIDAO will be responsible for onboarding cryptocurrency and blockchain communities wishing to register as limited liability companies in the island nation. (Source link)