The Utah DAO Act, which gives DAOs legal recognition and protections against limited liability, was passed by the Utah State Legislature.

Act HB 357, the Utah Decentralized Autonomous Organizations Act (Utah DAO Act), was approved by the Utah State Legislature.

This new law frames DAOs as “Utah LLDs,” giving them limited liability and legal recognition. The Digital Innovation Taskforce and the Utah Blockchain Legislature worked together to create the law.

On March 1, 2023, the Utah DAO Act was approved after being reviewed by committees in the Senate and the House. Bylaws are used to protect DAO-compliant anonymity and define who owns DAOs. To guarantee distinct differences in tax treatment and modernized DAO functionalities, quality assurance DAO protocols are also introduced.

A member of the Digital Innovation Taskforce and a tax expert for blockchain and digital assets, Joni Pirovich, tweeted:

“This is a huge step for DAO innovation as the Act is based on the @coalaglobal DAO Model Law, and will become effective from January 2024.”

The DAO law recognizes that DAOs are global organizations and aims to provide the greatest flexibility possible for innovation. It can offer technological assurances that are comparable to the safeguards that laws seek to provide by requiring manual reporting procedures.

The Utah Blockchain Legislature had some significant concerns, but compromises were made in order to pass the act. An agreement that required DAOs to reveal an incorporator while still maintaining their anonymity addressed one concern about the anonymity and unaccountability of DAOs.

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A compatible tax language was then proposed by the Utah Tax Commissioner’s office after the Utah Blockchain Legislature determined that the original tax language used was incompatible with federal and state tax realities.

Last but not least, there was a concern regarding the Utah Division of Corporations’ inability to handle new applications due to a lack of ramp-up time. The bill’s implementation date was moved up to 2024 to allay this worry, giving more time to modify and revise actual implementations of the legislation.

Similar legislation was approved by the Republic of the Marshall Islands last year, designating DAOs as limited liability companies and mandating formal DAO structure adoption in the state’s judicial institutions.