UK Law Commission sees no need for DAO-specific law

The UK Law Commission stated that decentralized autonomous organizations (DAOs) do not require separate legal supervision and should be incorporated into existing financial regulations and tax frameworks. The commission stated that implementing a blanket law for DAOs in their current form is not feasible, as different ecosystems would tend to adjust their operations based on local judicial requirements. In addition, the commission recommended a review of the 2006 Companies Act to facilitate supervision of DAOs operating in the form of limited liability partnerships. The commission also proposed a review of the scope of reform for non-profit DAOs and existing anti-money laundering regulations.