The DeFi Industry in Australia Wants to Launch a DAO
When it comes to cryptocurrency adoption, no country is currently more active than Australia; it seems as if the whole business revelation within the country is going to be based around the ideas of decentralization. Decentralized finance is picking up the pace with the ever-shifting business atmosphere in Australia; the lawyers and finance specialists have already hinted at launching a new initiative that will be representing a decentralized autonomous organization or DOA. This new initiative will be shaped in the form of a legal entity that will be able to sort all pressing matters when it comes to the idea of DeFi.
The corporate world truly wants to soar off in Australia, and for that purpose, the Australian senate has been requested to formally recognize these new decentralized business models when it comes to corporate governance. A private law firm by the name of Herbert Smith Freehills is also assisting the initiation of this initiative in Australia regarding the establishment of decentralized finance. This will completely change the board of directors’ concept for businesses and allow them to interchange it with a proper internet-oriented community. All of this was briefly mentioned in a review published by an Australian news agency.
This will help in ruling out the financial intermediaries such as the banks and exchanges for the sake of doing business which conveniently suggests that the banks will be out of the question when it comes to decentralized business. All trading and purchase will take place using cryptocurrencies that don’t need an intermediary and have a blockchain system of their own for processing the payments and keeping a record of the transactions that did take place.
With such incredible DeFi tools, the decentralized business concepts will be able to soar incredibly high. On the plus side of things, the members of the DAO will be exempt from any liability that, in a contextual sense, rests on them in the events of the losses incurred due to a decision made by the community member.