Ras Al Khaimah, under the leadership of Sheikh Mohammed bin Saud bin Saqr Al Qasimi, has inaugurated RAK Digital Assets Oasis (RAK DAO), a dedicated economic free zone aimed at supporting digital and virtual asset companies involved in emerging technologies like the metaverse, blockchain, NFTs, and AI. RAK DAO offers grant programs and specialized support across technology, marketing, and business development as it strives to be a hub for fostering growth and innovation in the digital assets sector.
Ras Al Khaimah, a region known for its rich cultural heritage and historical sites, is venturing into the digital asset sector as part of its economic diversification efforts. Under the patronage of Sheikh Mohammed bin Saud bin Saqr Al Qasimi, the emirate inaugurated the RAK Digital Assets Oasis (RAK DAO), a dedicated economic free zone designed to support companies involved in digital and virtual assets, blockchain, Web3, and artificial intelligence (AI).
The RAK DAO free zone focuses on fostering growth, innovation, and groundbreaking ideas in emerging technologies such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications, and other Web3-related businesses.
Key Features of RAK DAO:
Ecosystem Partners: RAK DAO and its ecosystem partners aim to create a nurturing environment for digital and virtual asset service providers, offering specialized support in various areas, including technology, marketing, and business development.
Grant Programs: The free zone is set to run grant programs, further incentivizing innovation and development within the digital assets sector.
At the inauguration event, Sheikh Saud expressed his vision for RAK DAO, emphasizing its role as a hub where digital assets can thrive and innovative ideas can come to fruition. By becoming an early adopter in the digital asset sector, Ras Al Khaimah aims to seize the opportunities that digital assets offer.
To solidify its commitment to this initiative, a memorandum of understanding was signed between Securities and Commodities Authority CEO Maryam Buti Al Suwaidi and RAK DAO CEO Sameer Al Ansari.
The establishment of RAK DAO is part of Ras Al Khaimah's broader economic diversification efforts to attract global players in the digital asset sector. The legislative framework grants RAK DAO financial, administrative, and legislative independence, positioning it as a purpose-built, innovation-enabling free zone.
This initiative aligns with the growing trend of Web3-friendly free zones in the United Arab Emirates (UAE). These free zones offer entrepreneurs 100% ownership of their businesses, unique tax schemes, and regulatory frameworks tailored to the digital assets and blockchain industry. Other UAE-free zones with similar attributes include the Abu Dhabi Global Market, Dubai Multi Commodities Centre, and Dubai International Financial Centre.
As RAK DAO continues to grow its ecosystem with strategic partnerships, it aims to play a significant role in fostering the development of the digital asset sector, further diversifying Ras Al Khaimah's economy, and attracting global digital asset companies to the region.
(HERMI DE RAMOS, COINTELEGRAPH, 2023)