Ras Al Khaimah Launches Free Zone for Digital Asset Industries
Sheikh Saud introduces RAK DAO, a free zone in Ras Al Khaimah, supporting digital asset businesses.
Thu, 19 Oct 2023, 23:28 pm UTC
On October 19, Ras Al Khaimah's leader, Sheikh Saud bin Saqr Al Qasimi, unveiled the RAK Digital Assets Oasis (RAK DAO). This new economic zone is designed to promote businesses in the domains of blockchain, Web3, AI and other cutting-edge digital technologies.
As detailed by reports, RAK DAO is set up primarily for service providers operating in modern digital landscapes. This includes areas like the metaverse, utility tokens, blockchain, decentralized applications, virtual wallets, nonfungible tokens, and other advanced Web3 businesses.
Moreover, RAK DAO will offer grant programs in collaboration with its ecosystem partners. They will also provide targeted assistance in realms such as technology, marketing, and strategic business growth.
Discussing the motivation behind the venture, Sheikh Saud mentioned their objective to establish a nurturing environment for digital asset innovations. The goal is to encourage transformative concepts and drive growth in this sector. Sheikh Saud also recognized the global potential of digital assets and expressed his belief in Ras Al Khaimah's role as an early supporter of these advancements.
A significant collaboration was also confirmed between the Securities and Commodities Authority (SCA) CEO, Maryam Buti Al Suwaidi, and Sameer Al Ansari, the CEO of RAK DAO.
Renowned for its cultural heritage, Ras Al Khaimah is now pivoting to the digital asset sector, seeking economic diversification. Even as established tech hubs like Abu Dhabi and Dubai draw international cryptocurrency enterprises, RAK DAO seeks to make its mark in this growing space.
Highlighting the UAE's proactive approach, RAK DAO becomes another addition to its roster of Web3-focused economic zones. These zones cater to business owners by allowing full ownership and specialized tax structures. Notable examples include the Abu Dhabi Global Market and Dubai International Financial Centre.
In March, the Emirates News Agency reported the introduction of Law No. 2 of 2023 by Sheikh Saud. This law solidified RAK DAO's creation, aiming to diversify the economy and magnetize international stakeholders. It grants the zone unique financial and legislative autonomy, making it a tailored hub for the digital asset industry.
Since its establishment, RAK DAO has integrated several partners, counting the HBAR Foundation, RAKBANK, and the AI company Humans.ai among its allies.
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