DAO (Decentralized Autonomous Organization) are decentralized organizations managed by smart contracts on the blockchain.
Legal Uncertainty
- Unincorporated (in Türkiye)
- Members may be personally liable
- Accountability is unclear in a managerless structure
Situation in Türkiye
- Special regulation yet none
- Can be considered an "ordinary company" within the scope of Turkish Commercial Code (TBK art. 620)
- Liability of all members
Overseas Examples
- Wyoming (USA): DAO LLC recognition
- Marshall Islands: DAO Foundation
- Europe: discussions continue
Smart Contract Decisions
- Smart contract makes automatic decisions
- Liability in case of error?
- Developer / distributor may be responsible
Token-Holder Membership
- Membership token-based (voting right)
- May be within the scope of CMB
- Security nature is controversial
Tax
- For whom DAO income is it taxed?
- Uncertain
- Members may need to declare personally
Practical Advice
- Determine the legal structure before establishing a DAO
- Consider a foreign legal entity
- Protect members with limited liability
- Make tax planning
Web3 and company law lawyer recommended.