Ras Al Khaimah Inaugurates RAK Digital Assets Oasis
Ruler Sheikh Mohammed bin Saud bin Saqr Al Qasimi of Ras Al Khaimah has officially launched the 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). The free zone aims to attract service providers in emerging technologies such as the metaverse, blockchain, utility tokens, NFTs, DAOs, decentralized applications, and other Web3-related businesses. RAK DAO and its ecosystem partners will offer grant programs and specialized support in technology, marketing, and business development.
A Vision for Growth
In his opening remarks, Sheikh Saud expressed the vision behind RAK DAO: to create a thriving hub for digital assets where innovation can flourish. He emphasized the incredible opportunities offered by digital assets globally and recognized Ras Al Khaimah’s potential as a first adopter. To further support the initiative, a memorandum of understanding was signed between Securities and Commodities Authority CEO Maryam Buti Al Suwaidi and RAK DAO CEO Sameer Al Ansari.
Diversifying the Economy
Ras Al Khaimah is seeking to diversify its economy beyond traditional sectors like tourism by venturing into the digital assets industry. However, it faces competition from established technology hubs in Abu Dhabi and Dubai that have already attracted global crypto firms. RAK DAO joins other Web3-friendly free zones in the United Arab Emirates that offer entrepreneurs 100% ownership of their businesses and unique tax schemes and regulatory frameworks.
Legislative Independence for RAK DAO
In March, Sheikh Saud issued Law No 2 of 2023 to establish RAK DAO as part of the economic diversification efforts. The legislation grants the free zone financial, administrative, and legislative independence, enabling it to operate as a purpose-built, innovation-enabling hub for the virtual assets sector. RAK DAO has also partnered with organizations like the HBAR Foundation, Rakbank, and Humans.ai to expand its ecosystem.
Hot Take: Ras Al Khaimah’s Ambitious Move into Digital Assets
Ras Al Khaimah’s launch of the RAK Digital Assets Oasis demonstrates its ambitious pursuit of growth and innovation in the digital assets sector. By establishing a dedicated economic free zone, the emirate aims to attract companies involved in emerging technologies and provide them with specialized support. While facing competition from established technology hubs in Abu Dhabi and Dubai, Ras Al Khaimah seeks to leverage its unique cultural heritage and differentiate itself as a first adopter in the digital assets space. With legislative independence and strategic partnerships, RAK DAO has positioned itself as a promising player in the region’s Web3-friendly ecosystem.
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