By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Live Trading NewsLive Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
Reading: Recognize DAO – Finland Minster Pushes EU
Share
Live Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Follow US
© 2024 LiveTradingNews.com - All Rights Reserved.
Live Trading News > Blog > Crypto > Blockchain for Government > Recognize DAO – Finland Minster Pushes EU
2023

Recognize DAO – Finland Minster Pushes EU

John Heffernan
Last updated: January 19, 2023 5:18 am
John Heffernan
Share
3 Min Read
SHARE

DAVOS, Switzerland — Finland’s communications minister, Timo Harakka, suggested during a panel discussion at 2023’s World Economic Forum that the European Union should pursue legislation to recognize decentralized autonomous organizations (DAO) that regulate Web3 applications.

According to Timo Harakka, the move might avoid having to change hundreds of regulations or governments undercutting one other in the drive to recruit creative industry.

“There are a lot of new players and actors in the Web3 world … not reflected very well in existing legislation,” he said. “Take a DAO for instance: Where does legislation stand?”

Harakka stated that new laws that centralize control could prevent fragmentation of the legal codes in Europe. The European Commission, which is responsible for introducing new EU laws, currently has other priorities.

According to Harakka, it is necessary to think on a multinational level in order to avoid harmful regulatory competition among the EU’s 27 members. Moreover, it is to avoid the need to individually alter thousands of different laws regulating different types of contracts. The EU’s proposed Markets in Crypto Assets (MiCA) legislation aims to establish a uniform standard for all countries by creating a framework for the regulation of crypto assets.

Harakka stated that they are relying on the European Commission to initiate the work on the crypto assets regulation and are eagerly waiting for it. The European Commission is unsure if their upcoming policy paper on the metaverse, set to be released in the spring, will include regulations on crypto assets.

“In DAOs it’s a different logic” to regulating corporations with named officers in charge, Harakka told CoinDesk. “Who’s responsible for transgressions?”

Europe has been preoccupied with other issues such as online privacy control, but Ministry of Finland believes that new and innovative legislation will pave the way for Web3, referencing recent EU initiatives on online privacy, information flows and online market dominance.

However, he added, “I’m not sure we’ve seen a lot of thinking on Web3.”

Regulators worldwide are facing challenges in determining how to classify and govern decentralized initiatives like decentralized financial applications where there is no central authority. While some claim that decentralization is a misconception, as there is always a controlling entity, the Law Commission of England and Wales has proposed a discussion on how to address issues of organization, governance and taxation.

Some policymakers believe that it is too early to establish regulations for decentralized finance and have excluded it from the EU’s MiCA law. However, Harakka believes it is necessary to start considering a philosophical approach to the subject.

Regulating online data flows took several years for the bloc to figure out, and regulating smart contracts may take some time as well as noted by Harakka.

You Might Also Like

WW3 Will Trump Attack Iran as a Show of Strength to Russia and China? $QQQ $SPY $BTC

Buy the War Stocks $LMT $GD $NOC $RTX $BA

$BABA, $BIDU, $JD, $NIO, and Other Chinese Stocks are Bargains

Knightsbridge: Pioneering a Corporate Currency Revolution

Specific Parts of the Donald Trump Bill Upsetting Elon Musk

TAGGED:investing

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

Subscribe our newsletter for latest news around the world. Let's stay updated!

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
By John Heffernan
Follow:
John Heffernan is a BSc Economist with Honors. Currently working as an Analyst at KXCO, and has contributed on equities and Crypto at Live Trading News.
Previous Article “SG Amber Group Downsizes HK Workforce”
Next Article National Australian Bank design Stablecoin to boost Digital Economy


Latest News

Tokenization of the Entire Financial Sector Is Inevitable
Bitcoin Crypto Digital Assets Featured Headline News Knightsbridge KXCO Shayne Heffernan Stocks June 15, 2025
Still a Strong Buy $BABA
Alibaba Group Holding Ltd (NYSE:BABA) America China Headline News Most Popular Opinion Politics Shayne Heffernan Tech today June 4, 2025
Top U.S.-Listed Bitcoin Companies $BMNR $MARA $RIOT $CIFR $CORZ $COIN
Bitcoin Headline News Must Read Opinion Shayne Heffernan Shayne Heffernan Stocks June 4, 2025
Saudi Red Sea: A Rising Star in Luxury Tourism
Featured Headline News Lifestyles of the RIch and Famous Living Luxury Real Estate Top Stories Travel June 4, 2025

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
4.4kFollowersFollow
//

Stay informed with LiveTradingNews.com – your ultimate destination for timely and insightful updates on global markets, finance, and investment trends. Explore the latest news and analysis to empower your trading decisions.

Quick Link

  • About us
  • Advertise
  • Send us a tip!
  • Privacy Policy
  • Contact us

Top Categories

  • Knightsbridge Insights
  • Featured
  • Stocks
  • Shayne Heffernan
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Subscribe our newsletter for latest news around the world. Let's stay updated!

Live Trading NewsLive Trading News
Follow US
© 2025 LiveTradingNews - For The Traders, By The Traders – All Right Reserved By Knightsbridge Group
Welcome Back!

Sign in to your account

Register Lost your password?