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ARTICLE · 11 OCTOBER 2024

Developments In Disclosure Orders Against Decentralised Finance Projects

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Cayman Foundation Companies are growing in popularity as a vehicle of choice for decentralised autonomous organisations (DAOs) to take on legal personality.

GlobalFinance and Banking
Alecia Johns
Alecia Johns
Clare Bradin
Clare Bradin
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Cayman Foundation Companies are growing in popularity as a vehicle of choice for decentralised autonomous organisations (DAOs) to take on legal personality.

In a landmark decision, the Hong Kong High Court recently ordered that a DAO provide disclosure of financial documents related to its operations. This development demonstrates some of the novel issues confronting common law jurisdictions across the globe in relation to the true ownership, management and control of decentralised finance projects. It remains to be seen how the Cayman Islands courts will grapple with and decide this issue. However, the Court's responsive and proactive approach to disclosure applications against digital asset exchanges augurs well for the Court's adaptability in handling the ever-increasing novel issues concerning DAOs and digital assets.

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