Ras Al Khaimah ruler Sheikh Saud bin Saqr Al Qasimi inaugurated the brand new RAK Digital Property Oasis (RAK DAO), an financial free zone devoted to supporting corporations concerned in digital and digital property, blockchain, Web3, and synthetic intelligence (AI), on Oct. 19.
As beforehand reported by Cointelegraph, the free zone shall be devoted to digital and digital property service suppliers in rising applied sciences, such because the metaverse, blockchain, utility tokens, digital asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized purposes (DApps) and different Web3-related companies.
RAK DAO and its ecosystem companions may even run grant packages, and specialised help in numerous areas of expertise, advertising, and enterprise growth.
“After we launched into this… journey, our imaginative and prescient was to create a hub the place digital property might thrive, innovation might flourish, and groundbreaking concepts might come to mild,” Sheikh Saud stated in his opening remarks. “We needed to supply a platform to foster its development and success. He added:
“We noticed that international tendencies and information level to the unbelievable alternative digital property supply, and we felt… that Ras Al Khaimah might and will profit from being a primary adopter.”
A memorandum of understanding (MoU) was additionally signed between the Securities and Commodities Authority (SCA) CEO Maryam Buti Al Suwaidi and RAK DAO chief govt Sameer Al Ansari.
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Cointelegraph reached out to RAK DAO for additional feedback however didn’t get a direct response.
Ras Al Khaimah, recognized for its wealthy cultural websites, is popping to the digital property sector to diversify its economic system away from conventional avenues corresponding to tourism. Nonetheless, the brand new free zone has entered an area the place extra common expertise hubs in Abu Dhabi and Dubai are already attracting international crypto companies.
RAK DAO joins the UAE’s checklist of Web3-friendly free zones — areas the place entrepreneurs have 100% possession of their companies and have their very own tax schemes and regulatory frameworks, aside from the UAE’s legal regulation — together with the Abu Dhabi World Market (ADGM), Dubai Multi Commodities Centre (DMCC) and Dubai Worldwide Monetary Centre, amongst others.
Sheikh Saud issued Legislation No 2 of 2023, which decrees the institution of RAK DAO as a part of its financial diversification efforts and makes an attempt to draw international gamers, the Emirates Information Company reported in March. The laws grants the free zone monetary, administrative, and legislative independence, permitting it to operate as a purpose-built, innovation-enabling free zone for the digital property sector.
RAK DAO has since added a number of companions to assist develop its ecosystem, together with the HBAR Basis, native financial institution RAKBANK, and Romanian AI agency People.ai.
