Prime riflessioni su DAO e principi generali del diritto dell’impresa

The Authors analyse the problems related to the creation of a Decentralized Autonomous Organization (DAO) under Italian Law. In particular, after a description of this innovative organizational structure based on blockchain technology, the Authors highlight the problems of setting up a DAO through an Italian Società per Azioni, consisting in the impossibility of delegating the administration of the company to the token-holders. The Authors conclude that the most suitable legal structure for setting up a DAO would be the creation of a Società a Responsabilità Limitata, notwithstanding some (surmountable) difficulties in using tokens to represent the participation in the company.