In terms of legal development for Web3.0, we are currently at Web2.5.
Last week, POLI3149 welcomed Mr. Pádraig Walsh, partner at the law firm Tanner De Witt, who came to talk about decentralized autonomous organizations, or DAOs for short, which support virtual interactions and community decision-making using blockchain technology. In his experience as counsel to blockchain operators, he is familiar with the lack of liability limitations as one of the major challenges to the adoption of the DAO framework. For developers seeking to adopt it, they are advised to reflect deeply on what sort of community they want to build: in the absence of regulatory consensus, matters can become significantly more “complex and complicated” from a compliance perspective once the application goes beyond basic social engagement.
Jay (Govt & Laws V) and Clement (BSoSci III) joined Mr. Walsh and the teaching team for lunch after class. We exchanged views about the prospects for legal practice in Hong Kong. Thank you Pádraig for joining us – it was an absolute pleasure!
