UAE’s Ras Al Khaimah Establishes RAK DAO, a Free Zone for Digital Assets and Web3

2:08 pm
October 19, 2023

Ras Al Khaimah, one of the United Arab Emirates’ (UAE) seven Emirates, has launched RAK DAO, a free zone dedicated to digital assets and Web3. RAK DAO offers entrepreneurs the opportunity for 100% ownership of their businesses and operates under a unique regulatory framework. This initiative is part of the UAE’s ongoing efforts to attract global crypto and Web3 companies through progressive regulatory measures.

A Purpose-Built Free Zone for Digital Assets

RAK DAO aims to be the world’s first free zone exclusively dedicated to digital and virtual asset companies, creating an ecosystem tailored to entrepreneurs from around the world. The free zone will support companies engaged in cutting-edge 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.

Entrepreneurs operating within RAK DAO will enjoy 100% ownership of their businesses, as well as unique tax schemes and regulatory frameworks. Although it will initially focus on non-financial activities, the free zone may introduce financial activities in the future, demonstrating the emirate’s commitment to innovation and regulatory compliance.

The UAE’s Appeal to Crypto and Web3 Firms

The UAE has proactively sought to attract crypto and blockchain firms by creating a progressive regulatory environment. Dubai, for example, implemented a virtual assets law and established the Virtual Asset Regulatory Authority to protect investors and establish industry standards. Furthermore, the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC) have their financial regulators and offer attractive free zones for digital asset businesses. The Dubai Virtual Assets Regulatory Authority even launched its headquarters in The Sandbox in May 2022.

Many crypto companies have already obtained operational licenses to operate in Dubai, including Binance, which was the first to acquire an MVP license, as well as Crypto.com and OKX. Ras Al Khaimah’s RAK DAO complements the UAE’s existing 40+ multidisciplinary free zones, further solidifying the country as a preferred destination for crypto, blockchain, and Web3 enterprises.

Applications for RAK DAO are currently open, providing entrepreneurs and digital asset companies with a new opportunity to thrive in this rapidly growing industry. This initiative reflects the UAE’s dedication to nurturing innovation and embracing the future of finance and technology.

Frequently Asked Questions (FAQ)

What is RAK DAO?

RAK DAO is a free zone launched by Ras Al Khaimah, one of the Emirates in the UAE, specifically designed for digital assets and Web3 businesses. It offers entrepreneurs 100% ownership of their businesses and operates under a unique regulatory framework.

What kind of companies can operate within RAK DAO?

RAK DAO supports companies involved in cutting-edge 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.

What are the benefits of operating within RAK DAO?

Entrepreneurs operating within RAK DAO enjoy 100% ownership of their businesses and have access to unique tax schemes and regulatory frameworks. They also become part of a purpose-built ecosystem for digital asset and Web3 companies.

What makes the UAE attractive to crypto and Web3 firms?

The UAE has implemented progressive regulatory measures to attract crypto and blockchain firms. Dubai, for example, has a virtual assets law and the Virtual Asset Regulatory Authority to protect investors and establish industry standards. Additionally, the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC) offer attractive free zones for digital asset businesses.

How can companies apply to operate within RAK DAO?

Companies interested in operating within RAK DAO can submit their applications through the designated application process. Information on how to apply can be found on the RAK DAO website or by contacting the relevant authorities.

Summary

Ras Al Khaimah in the United Arab Emirates has launched RAK DAO, a free zone dedicated to digital assets and Web3 businesses. RAK DAO offers entrepreneurs 100% ownership of their businesses and operates under a unique regulatory framework. This initiative aims to position Ras Al Khaimah as a forward-thinking hub for emerging technologies and attract global crypto and Web3 firms. The UAE has been actively courting such companies with its progressive regulatory environment, and RAK DAO complements the existing free zones in the country, further establishing the UAE as a preferred destination for crypto, blockchain, and Web3 enterprises.


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