TL;DR:
- Ras Al Khaimah inaugurates RAK Digital Assets Oasis (RAK DAO) as an economic free zone dedicated to digital and virtual assets, blockchain, Web3, and AI.
- RAK DAO aims to support emerging technologies like the metaverse, utility tokens, NFTs, DAOs, and decentralized applications.
- The ecosystem offers grant programs and specialized support in technology, marketing, and business development.
- Sheikh Saud envisions RAK DAO as a hub for digital asset growth and innovation.
- A memorandum of understanding is signed between the Securities and Commodities Authority CEO and RAK DAO CEO.
- RAK DAO diversifies Ras Al Khaimah’s economy away from tourism but faces competition from tech hubs in Abu Dhabi and Dubai.
- UAE’s Web3-friendly free zones allow entrepreneurs 100% ownership of their businesses.
- Law No 2 of 2023 grants RAK DAO financial, administrative, and legislative independence.
- RAK DAO partners with the HBAR Foundation, Rakbank, and Humans.ai to enhance its ecosystem.
Main AI News:
In a momentous move for the United Arab Emirates (UAE), Ras Al Khaimah has launched the RAK Digital Assets Oasis (RAK DAO), a pioneering economic free zone designed to empower businesses engaged in the digital realm. On October 19, Sheikh Mohammed bin Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah, presided over the inauguration, marking a significant step towards fostering innovation in digital assets, blockchain, Web3, and artificial intelligence (AI).
As previously reported by Cointelegraph, RAK DAO is committed to providing a haven for service providers dealing in digital and virtual assets, with a particular focus on emerging technologies like the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens, decentralized autonomous organizations (DAOs), decentralized applications, and other Web3-related ventures.
But RAK DAO is not just about infrastructure; it’s about nurturing growth and innovation. The ecosystem, in collaboration with its partners, will institute grant programs and offer specialized support in various facets of technology, marketing, and business development. Sheikh Saud, in his opening remarks, emphasized the vision behind RAK DAO: “We wanted to provide a platform to foster its growth and success.”
Recognizing the global potential of digital assets, Sheikh Saud added, “We observed that global trends and data point to the incredible opportunity digital assets offer, and we felt… that Ras Al Khaimah could and should benefit from being a first adopter.”
A memorandum of understanding was formalized during the event, signed by Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority, and Sameer Al Ansari, CEO of RAK DAO. This agreement underscores the commitment to regulatory excellence and industry collaboration within the free zone.
Ras Al Khaimah, traditionally renowned for its cultural heritage, is now venturing into the digital assets sector to diversify its economy beyond tourism. While it faces stiff competition from established technology hubs in Abu Dhabi and Dubai, RAK DAO is determined to carve its niche in the evolving landscape of digital innovation.
Joining the ranks of Web3-friendly free zones in the UAE, RAK DAO offers entrepreneurs 100% ownership of their businesses, along with their unique tax schemes and regulatory frameworks, except for the UAE’s criminal law. Notable free zones include the Abu Dhabi Global Market, Dubai Multi Commodities Centre, and Dubai International Financial Centre.
Sheikh Saud’s vision for economic diversification came to fruition with the issuance of Law No 2 of 2023, which established RAK DAO as a purpose-built, innovation-enabling free zone for the virtual assets sector. This legislation grants the free zone financial, administrative, and legislative independence, enabling it to thrive as a catalyst for groundbreaking digital initiatives.
RAK DAO has swiftly forged strategic partnerships to bolster its ecosystem, welcoming the HBAR Foundation, local bank Rakbank, and Romanian AI firm Humans.ai. With its unwavering commitment to fostering digital innovation, RAK DAO is poised to play a pivotal role in shaping the UAE’s digital future.
Conclusion:
The launch of RAK DAO signifies the UAE’s commitment to becoming a digital innovation hub. It provides a unique platform for businesses in digital assets, blockchain, Web3, and AI, fostering growth and innovation in these emerging technologies. While competition exists with tech hubs in Abu Dhabi and Dubai, RAK DAO’s regulatory independence and strategic partnerships position it as a significant player in the evolving digital landscape of the UAE. This move reflects the UAE’s determination to diversify its economy and lead in the digital transformation era.
