On August 19th, the Hong Kong High Court presided over the world's first case involving a decentralized autonomous organization (DAO). The judgment required six defendants to disclose detailed financial reports and supporting documents for blockchain and real-world asset tokenization (RWA) projects, in response to allegations of asset misappropriation, with claims amounting to up to 6 billion Hong Kong dollars. This ruling not only marked the first clear definition of DAO by the legal sector but also reiterated the importance of adhering to legal principles in Web3 business activities. The court stressed that the controllers of DAOs must be accountable to their token holders, ensuring transparency and accountability in project funding. To address this ruling and promote the development of Web3 in Hong Kong, Mr. Albert Wong, a legislator, held a press conference with the law firm MUNG, led by lawyer Ms. Huang Mengying, to introduce the case situation and opinions to the public. The legislator noted that Hong Kong has ample soft infrastructure and legal talent, which can support the development of DAOs. He suggested that authorities take this opportunity to refine relevant laws and regulations to alleviate investors' concerns, clarify responsibilities and rights, and attract more globally compliant, healthy, and economically vibrant DAO companies to settle in Hong Kong. Mr. Wong further proposed that Hong Kong should actively promote its unique advantages as a global center for Web3 technology, including its distinctive 'one country, two systems' framework and its advantages under the common law system, to attract global talent and capital. He called for the rapid establishment of regulations governing stablecoins and over-the-counter trading to regulate the stablecoin market and looked forward to the first reading of related legislation in parliament, aiming for the compliant operation of stablecoins. Ultimately, the legislator advocated for the improvement of DAO legal norms to enhance Hong Kong's influence and the robustness of its ecosystem in the Web3 domain, attracting more overseas talent and capital, and positioning Hong Kong as the global center for DAOs. This judgment and the legislator's suggestions jointly showcase Hong Kong's significant initiatives in driving the development of Web3 technology and refining legal frameworks, providing valuable experiences and insights for the healthy development of the Web3 industry within a legal environment.