Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi on October inaugurated the new RAK Digital Assets Oasis (RAK DAO), an economic free zone dedicated to supporting companies involved in digital and virtual assets, blockchain, Web3 and artificial intelligence (AI). 19.
As previously reported by Cointelegraph, the free zone will be dedicated to digital and virtual asset service providers in emerging technologies, such as the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralized autonomous organizations ( DAOs), decentralized applications (DApps) and other Web3-related businesses.
RAK DAO and its ecosystem partners will also implement grant programs and specialized support in various areas of technology, marketing and business development.
“When we embarked on this journey, our vision was to create a hub where digital assets could thrive, innovation could flourish and breakthrough ideas could come to light,” Sheikh Saud said in his opening remarks. “We wanted to provide a platform to promote the growth and success of the company. He added:
“We saw that global trends and data point to the incredible opportunities presented by digital assets, and we believed… that Ras Al Khaimah could and should benefit from being an early adopter.”
A Memorandum of Understanding (MoU) was also signed between the CEO of the Securities and Commodities Authority (SCA), Maryam Buti Al Suwaidi, and the CEO of RAK DAO, Sameer Al Ansari.
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Cointelegraph contacted RAK DAO for further comment but did not immediately receive a response.
Ras Al Khaimah, known for its rich cultural attractions, is turning to the virtual assets sector to diversify its economy away from traditional avenues such as tourism. However, the new free zone has entered a space where more popular tech hubs in Abu Dhabi and Dubai are already attracting global crypto companies.
RAK DAO joins the UAE’s list of Web3-friendly free zones – areas where entrepreneurs own 100% of their companies and have their own tax regimes and regulatory frameworks, excluding UAE criminal law – including the Abu Dhabi Global Market (ADGM), Dubai Multi Commodities Center (DMCC) and Dubai International Financial Center among others.
Sheikh Saud has issued Law No. 2 of 2023, which decrees the establishment of RAK DAO as part of its economic diversification efforts and efforts to attract global players, the Emirates News Agency reported in March. The legislation grants the free zone financial, administrative and legislative independence, allowing it to function as a purpose-built, innovation-enhancing free zone for the virtual assets sector.
RAK DAO has since added several partners to help grow the ecosystem, including the HBAR Foundation, local bank RAKBANK, and Romanian AI company Humans.ai.
