Ras Al Khaimah, a region renowned for its cultural heritage, is now venturing into the digital asset sector as part of a strategic shift away from traditional economic pillars, most notably tourism. This ambitious transformation was recently marked by the inauguration of the RAK Digital Assets Oasis (RAK DAO), a dedicated economic free zone aimed at providing comprehensive support to enterprises engaged in digital and virtual assets, blockchain technology, Web3 innovation, and artificial intelligence (AI). The visionary leader behind this groundbreaking initiative, Sheikh Mohammed bin Saud bin Saqr Al Qasimi, officially opened RAK DAO on October 19.
As previously detailed by Nosisnews, RAK DAO represents a new haven exclusively tailored for digital and virtual asset service providers involved in cutting-edge technologies such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (dApps), and other Web3-related businesses.
In addition to providing an ideal ecosystem for these ventures, RAK DAO and its esteemed ecosystem partners have pledged to administer grant programs and offer specialized support spanning the realms of technology, marketing, and business development. This multifaceted approach aims to nurture innovation and accelerate the growth of digital assets in the region.
In his inaugural address, Sheikh Saud shared the underlying vision of this pioneering endeavor, stating, “When we embarked on this journey, our vision was to create a hub where digital assets could thrive, innovation could flourish, and groundbreaking ideas could come to light. We wanted to provide a platform to foster its growth and success.” He underscored the importance of embracing global trends and seizing the tremendous opportunities presented by digital assets. He emphasized that Ras Al Khaimah, with its forward-thinking approach, could and should be at the forefront of this transformative wave.
Further solidifying their commitment to this venture, a memorandum of understanding was formally signed between Maryam Buti Al Suwaidi, the CEO of the Securities and Commodities Authority, and Sameer Al Ansari, CEO of RAK DAO.
Nosisnews sought further insights from RAK DAO but, as of our latest update, has not received an immediate response.
While Ras Al Khaimah’s foray into the digital asset sector is undoubtedly significant, it is worth noting that the region has entered a competitive landscape, with established technology hubs in Abu Dhabi and Dubai already attracting global crypto firms. These two prominent cities have been at the forefront of fostering innovation in the digital economy.
RAK DAO now proudly stands alongside a select group of Web3-friendly free zones in the United Arab Emirates. These free zones empower entrepreneurs with 100% ownership of their businesses, offering their own tax frameworks and regulatory provisions, distinct from the UAE’s general criminal law. Notable members of this list include the Abu Dhabi Global Market, Dubai Multi Commodities Centre, and Dubai International Financial Centre, among others.
The official establishment of RAK DAO, through Law No 2 of 2023 issued by Sheikh Saud, reflects the region’s unwavering commitment to economic diversification and the attraction of global players. This legislation grants RAK DAO significant financial, administrative, and legislative autonomy, essentially enabling it to function as a purpose-built, innovation-enabling free zone solely dedicated to the burgeoning virtual asset sector.
To fortify its ecosystem, RAK DAO has enlisted the support of key partners, including the HBAR Foundation, the local bank Rakbank, and the Romanian AI firm Humans.ai. These strategic collaborations are poised to further amplify the growth and impact of the digital asset sector within Ras Al Khaimah and the broader United Arab Emirates.
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