The World Economic Forum Annual Meetingkicked off earlier this Monday, January 16th. The number of crypto business participants at Davos this year saw a drop due to last year’s market slide.?
Nevertheless, the presence of the blockchain and crypto industry was still very much visible at the 4-day event. Davos 2023 has seen many panel discussions on blockchain technology and cryptocurrency. One topic was decentralized autonomous organizations (DAOs) and their regulation.
One clear consensus out of Davos 2023 is that crypto needs regulation. Davos 2023 has seen active participation from government policy-makers and regulators, coming together to discuss the best way to regulate the evolving industry. Specific discussions about DAOs showed that though this innovative way of collaboration shows promise, more needs to be done to prevent it from endangering users.
Finland’s communications minister, Timo Harakka, said during a panel at Davos 2023 that the EU should consider legally recognizing DAOs that govern Web3 apps. Harakka expressed concerns over the current lack of regulation and potential problems if the EU does not think of regulation on a broader scale.?