Ras Al Khaimah, one of the Emirates in the UAE, has launched the RAK Digital Assets Oasis (RAK DAO), a free zone dedicated to digital and virtual asset companies. This initiative aims to attract global crypto players and position the emirate as a forward-thinking hub for emerging technologies. RAK DAO will be the world’s first free zone exclusively for digital and virtual asset companies, providing a purpose-built ecosystem for entrepreneurs worldwide. The free zone will support businesses involved in cutting-edge technologies such as the metaverse, blockchain, utility tokens, NFTs, DAOs, DApps, and other Web3-related ventures. Entrepreneurs within RAK DAO will have full ownership of their businesses and benefit from unique tax schemes and regulatory frameworks. While initially focusing on non-financial activities, the free zone may introduce financial activities in the future to demonstrate the emirate’s commitment to innovation and regulatory compliance. The UAE has been actively attracting crypto and blockchain firms through its progressive regulatory environment. Dubai has implemented a virtual assets law and established the Virtual Asset Regulatory Authority, while the Abu Dhabi Global Market and the Dubai International Financial Centre have their own financial regulators, offering attractive free zones for digital asset businesses. Several crypto firms, including Binance, Crypto.com, and OKX, have obtained licenses to operate in Dubai. RAK DAO complements the existing free zones in the UAE, further solidifying the country’s position as a preferred destination for crypto, blockchain, and Web3 enterprises. Applications for RAK DAO are currently open, providing entrepreneurs and digital asset companies with a new opportunity to thrive in this growing industry. This initiative showcases the UAE’s commitment to fostering innovation and embracing the future of finance and technology.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇦🇪 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | Dubai Virtual Assets Regulatory Authority, Crypto.com, Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM), Binance, OKX, RAK DAO |
| Currencies | None |
| Securities | None |
