Wyoming Governor Mark Gordon has signed a bill creating a legal framework for establishing and managing decentralized autonomous organizations (DAOs).

The law introduces a legal status for decentralized non-corporate non-profit associations (DUNAs) in the state. It enables DAOs registered as DUNA legal entities to enter into legal contracts with other entities and provide legal protection to individual DAO members.

The new law allows DAOs to enter into contracts with third parties, open bank accounts, pay taxes and meet information reporting requirements, giving legal existence to a decentralized entity.

It also notes that a DAO based in Wyoming is not prohibited from engaging in nonprofit activities. DAOs are also allowed to compensate their members for participation in the governance process.

Do you think this development is an important turning point for DAOs? Share your comments with us.#WyomingDAOAct#Blockchain