Ras Al Khaimah ruler Sheikh Saud bin Saqr Al Qasimi has inaugurated the RAK Digital Assets Oasis (RAK DAO), an economic free zone aimed at supporting companies involved in digital assets, blockchain, Web3, and artificial intelligence (AI). The free zone will cater to service providers in emerging technologies such as the metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApps, and other Web3-related businesses. RAK DAO and its ecosystem partners will offer grant programs and specialized support in technology, marketing, and business development. The aim is to create a hub for digital assets to thrive and foster innovation. The Securities and Commodities Authority (SCA) CEO Maryam Buti Al Suwaidi and RAK DAO CEO Sameer Al Ansari also signed a memorandum of understanding (MoU). Ras Al Khaimah is looking to diversify its economy by entering the virtual assets sector, although it faces competition from more established technology hubs in Abu Dhabi and Dubai. RAK DAO joins other Web3-friendly free zones in the UAE, offering entrepreneurs 100% ownership of their businesses and their own tax schemes and regulatory frameworks. Law No 2 of 2023 was issued by Sheikh Saud to establish RAK DAO as part of the economic diversification efforts. The legislation grants the free zone financial, administrative, and legislative independence. RAK DAO has already partnered with the HBAR Foundation, RAKBANK, and Humans.ai to grow its ecosystem.
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 | Maryam Buti Al Suwaidi, Sheikh Saud bin Saqr Al Qasimi, Sameer Al Ansari |
| Companies | Dubai International Financial Centre, Dubai Multi Commodities Centre (DMCC), Securities and Commodities Authority (SCA), Abu Dhabi Global Market (ADGM), RAK Digital Assets Oasis (RAK DAO) |
| Currencies | None |
| Securities | None |
