浅谈去中心化自治组织（DAO）的基本概念及其合规监管
一、如何理解DAO？
I. How do you understand DAO?
（一）DAO的定义
(i) Definition of DAO
DAO，全称是Decentralized Autonomous Organization，即去中心化自治组织。一言以蔽之，DAO是一种将组织的管理和运营规则以智能合约的形式编码在区块链上，从而在没有集中控制或第三方干预的情况下自主运行的组织形式。通俗来讲，DAO可以理解为一种高度自治的社区或组织，组织内部的决策基于共识机制下组织成员的投票，而投票权则一般基于组织成员持有的代币数量。从管理架构上，相较于传统企业而言，DAO不存在中心化的节点与层级化的管理架构，DAO更加透明，管理也较扁平。
In general terms, DAO can be understood as a highly autonomous community or organization in which decision-making within the organization is based on the vote of the members of the organization under the consensus mechanism, while voting rights are generally based on the number of tokens held by the members of the organization. In terms of management structures, DAO does not have a centralized node and a hierarchical management structure compared to traditional enterprises, and DAO is more transparent and managed evenly.
（二）DAO的决策机制
(ii) Decision-making mechanisms of DAO
DAO的决策机制通常分为链上决策和链下决策。链上决策：成员对提案进行链上投票，以决定是否执行提案，投票通过后智能合约将自动执行提案。链上治理的所有操作均在链上完成，全程去中心化，但也有两个缺点：一是效率太低，因为决策需要经过区块链大部分节点同意，二是投票权掌握在拥有代币的成员中，容易引发中心化问题（即，投票本身是去中心化的，但是部分成员持有过多份额的代币导致了一定程度的中心化）。针对链上决策效率低的问题，解决方案之一是链下决策——也即，成员在链下讨论（如电话会议）并在链下投票，随后将投票结果上传至链上，以确保投票结果的不可篡改性，但需注意的是，投票结果由项目方执行，而非智能合约自动执行，所以无法完全确保项目方会根据投票结果执行提案。
The decision-making mechanism of DAO is usually divided into chain and chain decision-making. Decision-making: Members vote on proposals in chains to decide whether to implement them, and smart contracts to vote to implement them automatically. All actions of governance in chains are completed on chains, centralized, but there are also two disadvantages: decisions are too inefficient because they require the consent of most of the points in the chain, and voting is held in the hands of members with tokens (i.e. the vote itself is decentralized, but the excessive share of the coins of some members leads to a degree of centralization). One of the solutions to the problem of inefficient decision-making in chains — that is, members discuss and vote in chains (e.g. telephone conferences) and then transmit the results to chains to ensure that voting results are not altered, but it is important to note that voting results are executed by the project party rather than automatically by smart contracts, and it is not possible to fully ensure that the project party implements the proposal on the basis of voting results.
（三）DAO的投票机制
(iii) DAO voting mechanisms
最简单的投票机制即为一币一票，但该等投票机制无法适用所有情况，因此诞生了下表所列的各种投票机制以适用不同的场景。
The simplest voting mechanism is a single dollar vote, but the voting mechanism does not apply in all cases, thus giving birth to the various voting mechanisms listed in the table below in order to apply the different scenarios.
值得注意的是，DAO既映射了现实世界的投票机制，需要综合考虑公平、效率等问题，同时也无法脱离传统的组织管理问题（例如中心化），因为始终有一些专业的管理性决策，需要核心成员做出决策。
It is worth noting that DAO, while mapping the voting mechanisms of the real world, needs to consider equity, efficiency and other issues in an integrated manner, and cannot be separated from traditional organizational management issues (e.g. centralization), since there are always professional managerial decisions that require decision-making by the core members.
二、DAO的优势与缺陷 ii, advantages and defects of DAO
（一）DAO主要有以下优势 The main advantages of DAO are as follows:
1. 治理公开透明化：DAO的成员对各类提案进行投票，并将投票得出的社区治理规则以智能合约的模式编码在区块链上，对所有成员可见，实现了治理的公开透明，打破了参与方之间的信息不对称。
1. & nbsp; Transparency in Governance: Members of DAO voted on various proposals and encoded the community governance rules resulting from the vote on the block chain in the smart contract model, which was visible to all members, achieving transparency in governance and breaking the information asymmetry among the participants.
2. 民主、高度参与的投票：传统组织一般是通过少数人的投票来做出重要决策，而DAO可以让所有或大部分成员参与部分决策并向参与方展示投票结果。
2. Democratic, highly participatory voting: Traditional organizations generally make important decisions through minority voting, and DAO can involve all or most members in some decision-making and show the participants the results of the voting.
3. 根据参与各方的贡献来匹配收益：依托区块链技术，成员的劳动与权益得到精准的量化追踪，使得成员得到与其贡献匹配的权益。
3. Matching benefits according to the contributions of the participating parties: based on block chain technology, the labour and interests of the member are accurately and quantitatively tracked so that the member receives the benefits commensurate with his or her contribution.
4. 规则难以篡改，降低摩擦成本：俗话说，代码即法律。在DAO中，除非绝大部分成员投票决定更改规则，已建立的规则无法被篡改，各方应按照事先确定的规则或者说达成的共识运行DAO，这不仅降低了交易成本和沟通成本，也减少了成员之间产生摩擦甚至纠纷的可能性。
4. The rules are difficult to tamper with and reduce friction costs: it is commonly said that the code is the law. In DAO, unless the vast majority of members vote to change the rules, the established rules cannot be tampered with, the parties should run DAO in accordance with pre-established rules or agreed consensus, which not only reduces transaction costs and communication costs, but also reduces the likelihood of friction or even disputes among members.
（二）DAO主要有以下缺陷 (ii) DAO has the following main defects
1. 决策机制低效：目前大部分DAO均采用一币一票的决策方式，但该等决策方式通常让每个成员参与每一个决策，可能导致整个决策流程较低效。此外，还产生了以下几个问题：（1）成员参与直接决策的意愿较低，不是所有提案都与每个成员的利益息息相关，因此也无法确保每个成员都付出大量时间成本去了解提案并作出决策；（2）参与投票的成员的学识、社会经验、专业见解可能不足以支撑其作出正确的投票，而专业人士的声音也可能因其持有的治理代币较少而被淹没；（3）一个DAO在运作过程中产生的提案数量可能会越来越多，而成员没有足够的精力参与每一个提案的决策，需要根据专业领域、紧急程度区分不同的提案类型，减少成员的管理负担，避免成员被日益增加的信息流所淹没而陷入FOMO（Fear of Missing Out）的消极情绪之中。
1. Ineffectiveness of decision-making mechanisms: while most DAOs currently use one dollar-one-vote decision-making methods, such decision-making methods typically involve each member in each decision-making process, which can lead to a lower effectiveness of the entire decision-making process. In addition, the following questions arise: (1) the willingness of members to participate in direct decision-making is low, not all proposals are relevant to the interests of each member, and therefore it is not possible to ensure that each member spends a significant amount of time understanding of the proposals and making decisions; (2) the knowledge, social experience and professional opinion of the members who vote may not be sufficient to support them in making the right vote, while the voice of the professionals may be inundated by the fact that they hold fewer governance tokens; and (3) the number of proposals produced by a DAO in the course of its operation may be increasing, while members may not have enough energy to participate in the decision-making of each proposal, and there is a need to reduce the management burden of the members to avoid the negative mood of the FOMO (Fear Missing Out), given the increasing flow of information.
2. 技术上存在安全性问题：技术上的安全事件频发。以The DAO（基于以太坊建立的去中心化的量化基金）为例，其最初发行了1.5亿美元募资。然而由于代码漏洞，The DAO的社区成员被偷走了价值约5,000万美元的ETH。
2. & nbsp; technical security problems: Technical security incidents are frequent. For example, the DAO (based on a decentralised quantitative fund established by Taiku) initially released $150 million in funds. However, due to code loopholes, members of the community of The DAO were stolen from the ETH, valued at about $50 million.
3. 相应人才的缺失问题：DAO的建设和发展并不是少数人（技术人员）的专属舞台，DAO背后运作的整套机制设计也需要经济学、社会学、政治学等相关领域的专业知识的支撑，目前DAO的主要参与者仍然以技术背景为主，导致整体顶层设计和细节设计仍存在待完善之处，无法完整映射现实社会已有的所有功能和需求，也无法完全解决公司决策机制下产生的问题。
3. & nbsp; Gap of corresponding talent: DAO construction and development are not exclusive arenas for a few (technicals) and the design of the set of mechanisms behind DAO operations also needs to be supported by expertise in related fields such as economics, sociology, political science, etc. The main players in DAO are still predominantly technical in nature, leaving the top-level design and detail design to be perfected, unable to provide a complete picture of all the functions and needs of the real society, and unable to fully address the problems arising under the company's decision-making mechanisms.
三、DAO的分类
目前已经涌现出了不同功能的DAO，主要包括：资助型DAO、投资型DAO、协议型DAO、收藏型DAO、媒体型DAO及社交型DAO。
DAOs have emerged for various functions, including the funded DAO, the investment DAO, the protocol DAO, the collection DAO, the media DAO and the social DAO.
（一）资助型DAO
资助型DAO旨在资助在区块链上构建去中心化项目的组织或个人，推动DAO生态的发展。
The purpose of the funded DAO is to finance organizations or individuals that build decentralised projects on the block chain to promote the ecological development of the DAO.
（二）投资型DAO
投资型DAO通过将基金管理、LP和GP角色等职能转移给DAO成员，利用群体智慧进行投资决策，并且完成投资基金的上链，实现了风险投资基金的功能分散化、投资民主化、决策透明化。下文分享一个案例。
By transferring functions such as fund management, LP and GP roles to DAO members, taking advantage of group wisdom in investment decision-making and completing the upper chain of investment funds, the investment portfolio has been decentralized, investment democratization and transparent decision-making. A case study is shared below.
1. The LAO
(1)项目介绍：The LAO是一个投资型的DAO，同时也是一家于2019年注册成立的特拉华公司。
(1) Project description: The LAO is an investment-oriented DAO and a Delaware company registered in 2019.
(2)项目成员：The LAO的成员上限为99名，仅限于合格投资者，成员需完成KYC，并通过支付ETH来认购所有权及投票权，成员的投票权取决于成员持有的LAO单位的数量；成员的权利和义务载于The LAO的运营协议，并由特拉华州有限责任公司法予以补充；与传统VC相比，The LAO没有GP，因此成员完全控制所有投资决策和和治理；成员可以随时退出，退出时按比例收取收益。
(2) Project members: The LAO has a maximum membership of 99, limited to qualified investors, members are required to complete KYC and subscribe to ownership and voting rights by paying ETH, which depends on the number of LAO units held by the members; the rights and obligations of the members are set out in the operating agreement of The LAO and are supplemented by the Delaware State Limited Companies Act; the LAO does not have a GPS in comparison with the traditional VC, so that the members have complete control over all investment decision-making and governance; the members can withdraw at any time and receive proportional proceeds at the time of withdrawal.
(3)有限责任：除特拉华州法律另有规定外，成员或原成员均不对The LAO承担任何超过其对The LAO的出资额的义务。
(3) Limited liability: Except as otherwise provided in the law of the State of Delaware, neither the member nor the former member assumes any obligation to the LAO in excess of its contribution to the LAO.
(4)信义义务：在适用法律允许的最大范围内，成员对The LAO或其他成员不承担任何信义义务。成员同意根据运营协议真诚互动并进行公平交易。
(4) Faithful obligations: Members have no fiduciary obligations towards The LAO or other members to the maximum extent permitted by the applicable law. Members agree to interact in good faith and conduct fair transactions under an operating agreement.
(5)投资期限：没有指定的投资期限，只要有资金连续入场，The LAO将持续运作，直到成员选择解散The LAO。
(v) Duration of investments: There is no specified investment period, and the LAO will continue to operate as long as funds are available until the members choose to dissolve The LAO.
(6)投资流程：①方法论：没有严格/具体的投资方法论；②任何成员可以通过The LAO DApp提名一个或多个项目；③尽调调查：成员可自行完成；④投资条款：通过投票确定。
(6) Investment process: 1 methodology: there is no rigorous/specific investment methodology; 2 any member can nominate one or more projects through The LAO DApp; 3 full survey: members can do it themselves; 4 investment clause: determined by vote.
（三）协议型DAO
协议DAO用于帮助构建协议的协作实体，成员有权对网络底层机制等进行提案、投票和执行变更。
The DAO is used to help build collaborative entities of the agreement, and members have the right to propose, vote on and implement changes to, inter alia, bottom-of-the-network mechanisms.
（四）收藏型DAO
成员通过注入资金获得投票权来决定投资具有收藏价值的资产。以Constitution DAO为例，该组织在2021年筹集了超过4,500万美元来竞标美国宪法的第一版副本，该副本是美国制宪会议上仅有的13份宪法副本中的其中1份。如果Constitution DAO中标，每位成员将获得Constitution DAO的一部分治理代币（PEOPLE），PEOPLE代币持有者可以使用该代币来投票决定宪法副本的保管地及展示方式等。遗憾的是，Constitution DAO没有在苏富比拍卖上竞标成功，但Constitution DAO让DAO成功出圈，让更多人了解到了DAO。
In 2021, in the case of Constitution DAO, the organization raised more than $45 million to bid for a copy of the first edition of the United States Constitution, a copy of which is one of the only 13 copies of the Constitution in the United States Constituent Assembly. If the Constitution DAO is awarded, each member will receive a portion of the Constitution DAO's Governance Currency (PEOPLE), and the PEOLE indentual holder may use it to vote to determine the location and presentation of the copy of the Constitution. Unfortunately, the Constitution DAO did not succeed in bidding at the Sufubi auction, but Constitution DAO has allowed DAO to make it a success, making DAO more aware of the DAO.
（五）媒体型DAO
媒体型DAO重新构想内容创作者和消费者与媒体互动的方式，其利用代币激励来补偿生产者和用户在特定渠道中的所有权份额，而不是完全依赖基于广告的传统收入模式。
The media-based DAO rethinks the way content creators and consumers interact with the media, using token incentives to compensate producers and users for their share of ownership in a given channel, rather than relying entirely on advertising-based traditional income patterns.
以Bankless DAO为例。Bankless DAO是一家专注于以太坊的媒体型DAO，拥有广受欢迎的播客和时事通讯，其形式类似于论坛等普通互联网社区，其成员通过制作内容、研究、设计、翻译、营销服务来赚取收益。具体来看，Bankless DAO根据专业领域成立十几个不同的公会（Guild），包括写作、市场、翻译、设计、研究、数据分析等领域，公会负责完成各自领域内的任务，成员可以根据自己的兴趣自由加入对应公会。公会也可以被定位为人才资源池，如部分项目需要跨专业领域的人才支持，则可向多个公会抽调人手。
In the case of the Bankless DAO, a media organization focused on the Tai family, the Bankless DAO, has popular podcasts and current affairs newsletters similar to those of the general Internet community, such as the Forum, whose members earn profits by producing content, research, design, translation, and marketing services. Specifically, Bankless DAO has a dozen different public associations based on professional areas, including writing, markets, translation, design, research, data analysis, etc. The public is responsible for carrying out tasks in their respective areas.
（六）社交型DAO {\bord0\shad0\alphaH3D}Secure powered-by-"xuumi.us" {\bord0\shad0\alphaH3D}Social DAO
社交型DAO更关注社会资源而非金融资本，旨在聚集志同道合的人并创建有价值的社区以分享观点、举办社交活动。如Friends With Benefits DAO，成员可以参与举办的活动、获取有用的资讯，并在社区中讨论感兴趣的话题。线上活动：Discord服务器是社区成员连接和交互的主要场所，创建了多个频道用于话题讨论；线下活动：Friends With Benefits DAO会在世界各地组织线下聚会，并与特定城市的空间、社区和体验合作。又如SeedClub DAO，该组织对标Web2时代的Y Combinator，其主要目标是为了孵化Web3领域以人为主的社区类项目；目前已经孵化了4期共约50个项目，最近一期的项目申请成功率为1/10。作为Web3时代的孵化器/加速器，只有经验丰富且活跃的成员才有机会成为SeedClub DAO的创业导师（Collaborator或Contributor）。
Social DAO focuses more on social resources than on financial capital, and aims to bring together like-minded people and create valuable communities to share ideas and organize social events. For example, Friends With Benefits DAO, members can participate in events, obtain useful information, and discuss topics of interest in the community. Online: Discord is the main venue for community members to connect and interact, creating several channels for discussion of topics; offline activities: Friends With Benefits DAO is organizing meetings around the world, and works with space, community, and experience in specific cities. For example, SeedClub DAO, the organization's main objective is to incubate the web2-era Y Combinator, whose main objective is to incubate a community-based project in the area of Web3; there are now about 50 projects that have been hatched, and the most recent one has a success rate of 1/10 as the incubator/accelebrator of the Web3 era, with only experienced and active members having the opportunity to become SeedClub Doobrabratororororororor.
著名投资人Chris Dixon将DAO的成员资格体系与历史进行比较：“就像威尼斯为欧洲的早期现代化所做的那样，Web3正在重新定义全球人才如何协作、汇集他们的知识来一起工作的模式。就像1970年代的Homebrew计算机俱乐部那些聪明、热情的“业余爱好者们”聚集在俱乐部论坛上，来为‘修建新生态，构建突破性产品和体验’的目标而协同工作。这些类似的人和社区今天就是通过DAO组织起来的，DAO是Web3组织协作的原生范式。”[2]
Chris Dixon, a prominent investor, compares the DAO membership system with history: “Just as Venice did for Europe’s early modernization, Web3 is redefining how global talent works together, pooling their knowledge. Like the smart and passionate amateurs of the Homebrew computer club of the 1970s, they gather at the club forum to work together on the goal of ‘building new ecology, building breakthrough products and experiences’. These people and communities are today organized through DAO, which is the original paradigm of the Web3 collaboration.”[2]
四、DAO的合规监管 , DAO compliance control
（一）DAO当前面临的最大问题
DAO在世界范围内绝大多数司法管辖区不被承认为法律实体，因而无法完全融入现有的监管框架，并像传统企业一样履行法律义务和行使法律权利（如申报、纳税、开设银行账户、签署法律协议），同时也造成了监管的不确定性。因此，未来各国需在国家层面针对DAO建立明确的法律框架。
The vast majority of DAO jurisdictions worldwide are not recognized as legal entities, and therefore cannot be fully integrated into existing regulatory frameworks, and the enforcement of legal obligations and rights (e.g. declarations, taxation, opening of bank accounts, signing of legal agreements) like traditional enterprises are also creating regulatory uncertainty. As a result, States will need to establish a clear legal framework for DAO at the national level in the future.
（二）境外监管
整体来看，美国和欧盟对于DAO均没有发布专门的监管法规或政策，仅有美国部分州和极少数国家承认DAO为有限责任公司结构，但目前在美国联邦层面和其他主流国家尚未对DAO的法律性质进行确认。
Overall, neither the United States nor the European Union has issued specific regulatory regulations or policies for DAO, and only a few states and countries in the United States have recognized DAO as a limited liability corporate structure, but the legal nature of DAO has not yet been confirmed at the federal level in the United States and in other mainstream countries.
目前世界范围内已有以下几个司法管辖区承认DAO为有限责任公司结构。2018年7月，美国佛蒙特州成为美国第一个为基于区块链的公司制定有限责任公司立法[3]的州，DAO可以注册为基于区块链的有限责任公司（BBLLC）。美国怀俄明州于2021年4月通过了Wyoming Decentralized Autonomous Organization Supplement法案[4]，允许DAO在法律上被承认为有限责任公司（LLC）。美国田纳西州在2022年4月通过立法[5]，承认DAO属于有限责任公司。马绍尔群岛共和国也于2022年2月通过Non-Profit Entities (Amendment) Act 2021[6]承认DAO为法律实体，并基本上赋予DAO与有限责任公司（LLC）相同的地位。此外，澳大利亚的参议院于2021年10月提交了一份报告（Senate Select Committee Report into Australia as a Technology and Financial Centre’s Final Report）[7]，该报告建议澳大利亚正式承认DAO为合法的公司结构。2022年6月，法国国民议会议员Pierre Person在其发布的一份报告[8]中表示，法国应该在其法律体系中承认DAO的法律地位。
The following jurisdictions have recognized DAO as a limited liability company structure worldwide. In July 2018, the State of Vermont was the first State in the United States to enact limited liability company legislation[3] for sector-based companies, and DAO could be registered as a limited liability company (BBLLC) based on block chains. In April 2021, the State of Wyoming of the United States adopted Wyoming Decentralized Autonomous Organization Supply[4], allowing DAO to be legally recognized as a limited liability company (LLC). In April 2022, the State of Tennessee of the United States adopted legislation [5] recognizing DAO as a limited liability company. The Republic of the Marshall Islands also submitted a report in February 2022 through Noon-Profit Enterprises (Amentment) Act21[6] recognizing DAO as a legal entity and essentially assigning DAO as a limited liability company (LLC).
这还远远不够，美国联邦层面和其他主流国家仍需修改现有的监管体系或范围，给予DAO更多的确定性和灵活性。一般认为：DAO类似于合伙企业，但不完全与合伙企业相同；类似于公司，但DAO与公司治理结构存在区别。不可否认，现有监管体系是为中心化集权运作而设计的，这与去中心化的区块链精神存在本质上的分歧，而目前没有全面的立法来回应技术发展产生的新问题，进而导致美国诸多监管机构匆忙提供其对法律法规的理解和解释，但DAO的发展或者区块链技术的发展或许已经超出了当前监管制度在立法时的考虑范畴和预期，释法存在一定障碍，导致DAO的建设者、参与者包括监管者都只能摸着石头过河。
This is far from enough, and the federal level and other mainstream countries still need to modify the existing regulatory system or scope to give greater certainty and flexibility to DAO. It is generally believed that DAO is similar to a partnership, but not exactly the same as a partnership; it is similar to a company, but there is a difference between DAO and the corporate governance structure. It is undeniable that the existing regulatory system is designed for centralizing centralized operations, which is fundamentally different from the decentralized block-link spirit, and that there is no comprehensive legislation to respond to new problems arising from technological developments, which has led to a rush by many regulatory agencies in the United States to provide their understanding and interpretation of laws and regulations, but that the development of DAO or block-chain technology may be beyond the scope and expectations of the current regulatory system when it comes to legislation.
从美国法律来看，DAO在一定程度上也可能被认定为合伙企业。美国的《统一合伙法》[9]规定：“合伙企业是由意图作为共同所有者开展营利性业务的人员组成的联合体，无论其主观意图是否为担任合伙人。”基于此，当两个或两个以上的人达成协议，共同拥有一家营利性企业时，就可能形成了合伙关系，而创建合伙企业不需要政府备案；即使各方在合作中的商业联系并不紧密，也可能被认定为合伙企业。
According to United States law, DAO may, to some extent, also be identified as a partnership. The United States Uniform Partnership Act[9] provides that “a partnership is a consortium of persons who intend to conduct profit-making business as co-owners, whether or not their subjective intent is to be a partner.” On this basis, a partnership may be formed when two or more persons agree to jointly own a profit-making enterprise, and the creation of a partnership does not require a government record; it may be identified as a partnership even if the parties are not closely linked to the business in which they cooperate.
著名投资机构Andreessen Horowitz的法律顾问Miles Jennings认为[10]，目前大多数DAO没有共同的商业或盈利目的，也没有发展这种目的的意图（DAO发行的治理代币的价值增加并不是DAO的主要意图，它仅仅反映了DAO所提供的功能和市场的波动性，其升值仅是DAO发展的附带产物）。因此，可以考虑将DAO认定为美国《非营利法人示范法》（UUNAA）[11]下的非营利实体，从而有效的避免了普通合伙企业带来的无限责任问题。UUNAA没有定义“非营利”，但普遍认为“部分或所有成员从非营利实体的营利活动中获得一些直接或间接利益，不会导致非营利实体失去非营利实体的资格，前提是该等利益是为了促进非营利实体的非营利目的。但是，将任何利润分配给成员自己使用将使该实体失去作为非营利实体的资格。”以上观点为DAO建立了一个活动框架，DAO可以定制智能合约来减少因利润分配被认定为营利的风险。
According to Miles Jennings, the legal adviser to the renowned investment agency Andrewssen Horowitz, most DAOs do not have a common commercial or profit-making purpose or an intention to develop it (the increase in the value of DAO-issued governance tokens is not the main intent of DAO, which merely reflects the volatility of the functions and markets offered by DAO and whose appreciation is only a by-product of DAO development). Therefore, consideration could be given to identifying DAO as a non-profit entity under the United States Model Law for Non-Profit Legal Persons (UNAA) [11], thereby effectively avoiding the unlimited liability implications of ordinary partnerships. UUNAA does not define “non-profit” but it is generally agreed that “part or all of the direct or indirect benefits derived from the profit-making activities of a non-profit entity will not result in the loss of a non-profit entity's standing as a non-profit entity, provided that such benefits are intended to promote the non-profit purpose of a non-profit entity.
在各国开始专门针对DAO进行全面立法之前，DAO的法律性质导致的问题无法得到明确解决，且DAO未来会逐步映射现实社会的方方面面，并同时进行创新，可以预见的是，DAO当下正面临或未来可能面临以下三个领域的问题：①DAO的治理代币是否需要满足各国金融监管机构对于证券注册的要求（例如符合豪威测试的代币被会美国证券交易委员会认定为证券），②是否需要将DAO的治理代币作为财产进行征税，DAO的成员作为纳税人是否需要将处分治理代币的活动纳入其纳税申报，③DAO如何实施反洗钱（AML）和了解客户（KYC）计划[12]。
Until countries begin to enact comprehensive legislation specifically targeting DAO, the problems arising from the legal nature of DAO cannot be clearly addressed, and DAO will gradually map out all aspects of real society in the future, with simultaneous innovation. It can be foreseen that DAO is facing or may face problems in three areas: whether DAO's governance tokens meet the requirements of national financial regulators for securities registration (e.g. a currency that conforms to the Howe test has been identified as securities by the United States Securities and Exchange Commission), whether DAO's governing tokens need to be taxed as property, whether DAO members, as taxpayers, need to include disposal of the alternative currency in their tax returns, and how the 3 DAO's anti-money-laundering (AML) and customer (KYC) schemes are implemented [12].
（三）境内监管
1. DAO的法律风险
1. Legal risks for DAO
目前境外运作的DAO多数都发行了自己的治理代币，并作为成员的投票权基础。
Most of the DAOs currently operating abroad issue their own governing tokens and serve as the basis for voting rights for their members.
根据2017年9月4日发布的《人民银行等七部门关于防范代币发行融资风险的公告》[13]，代币发行融资（ICO）是指融资主体通过代币的违规发售、流通，向投资者筹集比特币、以太币等所谓“虚拟货币”，本质上是一种未经批准非法公开融资的行为，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。任何组织和个人不得非法从事代币发行融资活动。任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务，不得买卖或作为中央对手方买卖代币或“虚拟货币”，不得为代币或“虚拟货币”提供定价、信息中介等服务。
According to the Proclamation of the People's Bank and seven other sectors, issued on 4 September 2017, on protection against the risk of financing the issuance of money in currencies, the financing of the issuance of money in currencies (ICO) means that the financing entity shall not engage in the exchange of the legal currency with the currency, the “virtual currency” or the so-called “virtual currency” through irregularities in the sale, circulation and collection of the currency from investors. It is essentially an unsanctioned act of illegal public financing. It is suspected that the illegal sale of currency coupons, the illegal distribution of securities, and the illegal collection of funds, financial fraud, and distribution of funds.
根据2021年9月15日发布的《关于进一步防范和处置虚拟货币交易炒作风险的通知》[14]，开展法定货币与虚拟货币兑换业务、虚拟货币之间的兑换业务、作为中央对手方买卖虚拟货币、为虚拟货币交易提供信息中介和定价服务、代币发行融资以及虚拟货币衍生品交易等虚拟货币相关业务活动涉嫌非法发售代币票券、擅自公开发行证券、非法经营期货业务、非法集资等非法金融活动，一律严格禁止，坚决依法取缔。对于开展相关非法金融活动构成犯罪的，依法追究刑事责任。
According to the Circular of 15 September 2021 on the Further Prevention and Handling of the Risks of Fashioning Virtual Currency Transactions [14], the conduct of legal and virtual currency exchange operations, the exchange of virtual currency between virtual currencies, the purchase and sale of virtual currency as a central counterparty, the provision of information intermediaries and pricing services for virtual currency transactions, the financing of currency issuances and transactions involving virtual money derivatives are all strictly prohibited and prohibited by law.
从上述两项文件可以看出，我国严禁ICO的运作，开展ICO涉嫌构成非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动，故目前境外蓬勃发展的DAO因其作为基础建设的代币工具的广泛使用，目前在中国尚无合法的立足之处。
As can be seen from the two above-mentioned documents, the operation of the ICO is strictly prohibited, and there is currently no legal basis in China for the current dynamic of the DAO, which is operating outside the country because of its extensive use as a currency tool for the construction of the infrastructure, as it is suspected of constituting a criminal activity such as the illegal sale of coupons, the illegal distribution of securities and the illegal collection of funds, financial fraud and distribution.
2. DAO的法律定性
2. Legal characterization of DAO
在中国法下，DAO与合伙企业高度类似但又有不同。
Under Chinese law, DAO is highly similar to, but different from, a partnership.
根据《合伙企业法》[15]第26条：“合伙人对执行合伙事务享有同等的权利。按照合伙协议的约定或者经全体合伙人决定，可以委托一个或者数个合伙人对外代表合伙企业，执行合伙事务。”与合伙企业的合伙人有权执行合伙事务一样，DAO的成员有权参与DAO的重大事务决策。
According to article 26 of the Partnership Act, “Partners have the same right to execute a partnership.
根据《合伙企业法》第六条：“合伙企业的生产经营所得和其他所得，按照国家有关税收规定，由合伙人分别缴纳所得税。”目前大部分的DAO尚未纳入到各国税收监管体系之中，但根据对于政策监管趋势的猜测，未来DAO的成员也可能由其各自缴纳所得税。
According to article 6 of the Partnership Act: “The proceeds of the partnership's production and other income shall be taxed separately by the partners in accordance with the relevant national tax provisions.” Most DAOs are not currently included in the national tax regulatory system, but on the basis of speculation about trends in policy regulation, future DAO members may also be subject to their own income tax payments.
根据《合伙企业法》第2条：“本法所称合伙企业，是指自然人、法人和其他组织依照本法在中国境内设立的普通合伙企业和有限合伙企业；普通合伙企业由普通合伙人组成，合伙人对合伙企业债务承担无限连带责任。本法对普通合伙人承担责任的形式有特别规定的，从其规定；有限合伙企业由普通合伙人和有限合伙人组成，普通合伙人对合伙企业债务承担无限连带责任，有限合伙人以其认缴的出资额为限对合伙企业债务承担责任。”最大的区别就在于此：DAO的成员希望在监管体系中获得有限责任制度的保护，但普通合伙企业的合伙人对合伙企业债务承担无限连带责任，虽然有限合伙企业的有限合伙人以其认缴的出资额为限对合伙企业债务承担责任，但有限合伙人不得参与合伙企业的经营管理，与DAO成员的角色定位存在本质上不同。
According to article 2 of the Law on Partnerships: “This Law refers to a partnership of natural persons, legal persons and other organizations as general and limited partnerships established in China pursuant to this Law; the general partnership is composed of ordinary partners who bear unlimited joint and several responsibility for the liability of the partnership. The Law specifically provides for the form of liability of the general partnership; the limited partnership is composed of ordinary partners and limited partners who bear unlimited joint and several responsibility for the liability of the partnership, and the limited partners are liable for the liability of the partnership to the extent of their contribution.” The biggest difference is that members of the DAO wish to be protected by a limited liability regime in the regulatory system, but the partners of the general partnership bear unlimited joint and several liability for the liability of the partnership, although the limited partners of the limited partnership are liable for the liability of the partnership to the extent of their contribution, but the limited partners are not allowed to participate in the management of the partnership's business and are essentially different from the position of the DAO members.
因此，DAO较难在现有境内监管体系被认定为某种成熟的法律实体，进而予以登记注册并以合法的方式开展运作。
As a result, it is more difficult for DAO to identify the existing internal regulatory system as a mature legal entity and to register and operate in a legal manner.
（四）监管建议
针对未来全球对于DAO的监管，笔者认为可以从以下几个方面进行探索[16]：
With regard to future global regulation of DAO, I believe that the following aspects could be explored [16]:
1. 成立专门的监管部门或行动小组。该等机构应汇集区块链领域的各类人才，与行业内机构充分沟通，了解技术和市场的发展，并为上级监管机构或立法机构提供针对性的的建议。目前，美国证券交易委员会（SEC）创建了FinHub部门（在2020年底升级为正式的独立办公室），而瑞士的金融监管机构FINMA则创建了FinTech Desk。
1. Establishment of specialized regulatory departments or action teams. These bodies should bring together a wide range of personnel in the area of block chains, communicate fully with industry institutions, understand technological and market developments, and provide targeted advice to higher regulatory or legislative bodies. Currently, the United States Securities and Exchange Commission (SEC) has created the FinHub Department (upgraded to a full independent office by 2020), while the Swiss financial regulator FinTech Desk has created the FinTech Desk.
2. 鼓励信息披露。披露是金融监管的常用工具之一，鼓励信息披露也对监管分析大有帮助。新加坡金融管理局将其对ICO的监管集中在对白皮书的审查上。
2. Encouragement of disclosure. Disclosure is one of the commonly used tools for financial regulation, and encouragement of disclosure can also greatly assist regulatory analysis. The Singapore Monetary Authority focuses its regulation of the ICO on a review of the White Paper.
3. 设立监管沙盒。沙盒制度既避免扼杀金融创新和技术创新，也防范了较大风险的产生。DAO可以在有限的活动范围内进行运作和探索，而监管机构可以在出现新风险时迅速作出反应。英国金融监管局（FCA）为金融科技领域的监管建立了沙盒制度，其中囊括了大量的区块链和数字资产服务。
3. Establish a regulatory sandbox. The sandbox system avoids stifling financial innovation and technological innovation, but also prevents the creation of greater risks. DAO can operate and explore within a limited range of activities, while regulators can react quickly when new risks arise.
4. 提供案例指导。部分创新活动往往游离在监管和法律法规的灰色地带，因此监管机构提供的案例指导将对DAO的主动合规大有裨益。虽然个别案例无法回答所有的遗留问题，但至少提供了大致的监管方向和态度。
4. Providing case guidance. Some innovative activities often move away from the grey areas of regulation and regulation, so case guidance provided by regulators will be of great benefit to DAO’s proactive compliance. While individual cases do not provide answers to all remaining questions, they provide at least broad regulatory directions and attitudes.
结语
从目前的境内外监管环境来看，DAO的法律立足点尚未确立。《道德经》说：“道者，万物之奥。”DAO的问题包罗万象，并非一朝一夕可以解决，但我们不妨以发展的眼光看问题，以拥抱监管的姿态做事情，期待DAO在博弈中沿着正确的道路前行。Cynics sound smart but optimists BUIDL the future。
In view of the current regulatory environment, both within and outside the country, the legal foundations of the DAO have yet to be established. The Ethical Book says: “The Taoist, the Omnipotence of Everything.” The DAO's problems are all-encompassing and not always solved overnight, but we should look at the problem from a development perspective and do something that embraces regulation and expects the DAO to follow the right path in the game.
[1] 《元宇宙系列之Web3.0：以DAO为道，生态共荣》，中金公司
[1] Web3.0 of the Woncosmos Series: With DAO, Eco-Community, China-King Company
[2] https://a16z.com/2021/10/27/investing-in-friends-with-benefits-a-dao/
[3] https://legislature.vermont.gov/statutes/section/11/025/04173
[4] https://sos.wyo.gov/Forms/WyoBiz/DAO_Supplement.pdf
[5] https://s3.amazonaws.com/membercentralcdn/sitedocuments/tnbar/tnbar/0874/2024874.pdf?AWSAccessKeyId=AKIAIHKD6NT2OL2HNPMQ&Expires=1659428008&Signature=VT%2FgIrPRbpN%2Bq2lgNMls5QQuHg0%3D&response-content-disposition=inline%3B%20filename%3D%22HA0748%2Epdf%22%3B%20filename%2A%3DUTF%2D8%27%27HA0748%252Epdf&response-content-type=application%2Fpdf
[6] http://rmiparliament.org/cms/images/LEGISLATION/PRINCIPAL/1991/1991-0129/Non-ProfitCorporationAct_1.pdf
[7] https://parlinfo.aph.gov.au/parlInfo/download/committees/reportsen/024747/toc_pdf/Finalreport.pdf;fileType=application%2Fpdf
[8] https://drive.google.com/file/d/1WIsbihaC-_3V71vCUt5ZYD-7DCq7B_Rd/view
[9] https://www.uniformlaws.org/committees/community-home/librarydocuments?communitykey=52456941-7883-47a5-91b6-d2f086d0bb44&LibraryFolderKey=&DefaultView=
[10] A Legal Framework for Decentralized Autonomous Organizations
[11] https://www.uniformlaws.org/committees/community-home?CommunityKey=40227d3a-8b5d-47c2-8cd0-b0ec12da97f9
[12] Legal Framework for Decentralized Autonomous Organizations
[13] https://www.iosco.org/library/ico-statements/China%20-%20CSRC%20et%20al%20-%20%E5%85%B3%E4%BA%8E%E9%98%B2%E8%8C%83%E4%BB%A3%E5%B8%81%E5%8F%91%E8%A1%8C%E8%9E%8D%E8%B5%84%E9%A3%8E%E9%99%A9%E7%9A%84%E5%85%AC%E5%91%8A.pdf
[14] http://www.gov.cn/zhengce/zhengceku/2021-10/08/content_5641404.htm
[15] http://www.gov.cn/flfg/2006-08/28/content_371399.htm
[16] Decentralized Finance (DeFi) Policy-Maker Toolkit WHITE PAPER, World Economic Forum
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