# Relevant RMI Laws and Regulation

## DAO LLC Related Laws

### [Non-Profit Entities Act Amendment - 2021](https://drive.google.com/file/d/1_RzBHnazYBp4c1eyB62ojCggmS0qIjz9/view)

This law was the first Web3 & DAO law in the Marshall Islands, which created Non-Profit DAO LLCs and removed requirements such as knowing the names and addresses of all members, having managers, and having to get a local bank account.

### [DAO Act as Amended - 2023](https://drive.google.com/file/d/1ZXz8SE5_ujPfXvyVW7T3yPH0VBd0TIBB/view)

This law introduced For-Profit DAO LLCs and added clarity around the application of laws such as the Income Tax Act, Securities Act, and other RMI Laws.

### [DAO Regulations - 2024](https://drive.google.com/file/d/1959NMJchgqDAHFGR7OmiEHpew-hv8b94/view)

This regulation simplified and clarified the registration process (and related forms) for DAO LLCs in the Marshall Islands.

## [Other Business Association Laws](https://www.register-iri.com/wp-content/uploads/Associations-Law-courtesy-copy-published-by-the-RMI-Registrar-of-Corporations-Through-the-December-2020-Session.pdf)

All the DAO LLC related laws build on the Delaware-based corporate law system of the Marshall Islands, most of which can be found [here in this 2020 compilation of RMI corporate law](https://www.register-iri.com/wp-content/uploads/Associations-Law-courtesy-copy-published-by-the-RMI-Registrar-of-Corporations-Through-the-December-2020-Session.pdf) provided by IRI, the RMI offshore registry for companies other than DAO LLCs.

Note that not all of the language of these corporate laws applies, as it is modified by the above DAO LLC related laws.

## [Banking Act Amendment](https://drive.google.com/file/d/1xapu9_UrpNkND0Q2BlFgRKJG4nao29vl/view?usp=sharing)

The Banking Act Amendment of 2020 introduced the definition of a VASP and required licenses for VASPs (e.g. exchanges and banks) wishing to domicile in the Marshall Islands. These licenses are not currently available. Read more [here](/rmi-dao-llc-registration-and-compliance/virtual-asset-service-providers-vasps.md).

### Find other RMI Laws on the [Njitela (RMI Parliament) Website](https://www.rmiparliament.org/)

Note that the Nitijela website's content library can be out of date; please contact MIDAO to for help validating that you have the latest copies of any laws or regulations.


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