MIDAO Intro and History

What is MIDAO?

• MIDAO, otherwise known as MIDAO Directory Services, is the leading Web3-, crypto-, and DAO-focused registered agent. MIDAO incorporates a variety of DAOs, crypto projects, decentralized protocols, or communities as DAO LLCs, a unique legal entity domiciled in the Marshall Islands (RMI) and specifically tailored to crypto organizations.

• After signing an exclusive public-private partnership with the Marshall Islands government in 2022, MIDAO became the sole incorporator for DAO LLCs. MIDAO acts as a DAO LLC's registered agent and provides all of the template legal documents needed for registering and maintaining a DAO LLC in partnership with the Marshall Islands government. There are both non-profit and for-profit options, as well as both standard DAO LLCs and series DAO LLCs available. As the sole registered agent for DAO LLCs, MIDAO is the leading service provider for Web3 and DAO incorporation, globally.

MIDAO History

• The history of MIDAO begins with the passing of the Non-Profit Entities Act Amendment of 2021, which made it possible to register non-profit LLCs called DAO LLCs with special qualities, such as the ability to track Members using tokens rather than names and addresses and the option to have algorithmic rather than human management.

• In 2022, MIDAO and the RMI Government signed a public-private partnership that made MIDAO the sole registered agent for DAO LLCs. Subsequently, the Marshall Islands incorporated its first DAO, Admiralty DAO, the governance DAO of a leading decentralized exchange, Clipper.

• Later in 2022, the DAO Act of 2022 passed, creating the for-profit DAO LLC to complement the non-profit DAO LLC, and introducing further legal qualities and clarity for Web3 and DAOs.

• In mid 2023, after having successfully incorporating over 40 DAOs, MIDAO sought to expand its operations, raising a $1 Million USD seed round including FJ Labs, The LegalTech Fund, Martial Eagle, and Balaji Srinivasan.

• In late 2023, the DAO Act Amendment of 2023 passed, providing further legal clarity for Web3 & DAOs, such as clear securities law treatment by the RMI.

• In mid 2024, the DAO Regulations passed, accelerating the registration process to under 30 days and providing for new filings forms more purpose-built for Web3 & DAOs.

• In late 2024, MIDAO surpassed 200 DAO LLCs registered or under registration. MIDAO continues to advocate for new policy changes, with the support of crypto lawyers from all over the word, to continue to position the Marshall Islands as the leading jurisdiction for Web3 & DAO incorporation.