Are DAOs regulated?
Select jurisdiction
Germany
Currently, DAOs are not explicitly regulated. However, as far as they fall within the scope of general laws, they may be subject to regulation. Whether the DAO falls within the scope of general laws depends mainly on the circumstances of each case, in particular on the structure and the activities of the respective DAO. Especially DAOs, which collect funds from their members in order to invest them for their benefit (also called investment DAOs) may be subject to regulation.
As the token sale may also be subject to regulation, the rights granted by the governance token play an important role as well. That means that if the governance token qualifies as a financial instrument, in particular as a security, the general rules on public offerings apply. Apart from this, further general regulations e. g. AML (anti money laundering) regulations, data protection laws, commercial laws or corporate laws may apply as well.
Poland
There is no specific legal framework in place for DAOs, and their legal status remained uncertain under Polish law. However, certain aspects of DAOs might be subject to existing laws and regulations in Poland, depending on the activities they are involved in. For instance:
1. Financial regulations: If a DAO is involved in activities related to financial services or
securities, it may be subject to existing financial regulations and oversight by the Polish
Financial Supervision Authority (KNF).
2. Taxation: DAOs and their participants could be subject to taxation in Poland, depending on
the nature of the income generated by the DAO and the tax residency status of the
participants.
3. Consumer protection and data privacy: If a DAO operates a platform that offers goods or
services to consumers or collects personal data, it may be subject to consumer protection
and data privacy laws in Poland, such as the General Data Protection Regulation (GDPR).
