Ras Al Khaimah Launches Economic Free Zone Focused on Digital and Virtual Asset Industries
Summary:
Sheikh Saud bin Saqr Al Qasimi, launced the RAK Digital Assets Oasis (RAK DAO), an economic free zone aiming to support businesses in the digital and virtual assets, blockchain, Web3, and AI industries. RAK DAO will run grant programs, provide specialized technology, marketing, and business development support. Establishing RAK DAO is part of a broader plan for economic diversification in Ras Al Khaimah, with the goal of moving away from traditional sectors like tourism and becoming a prominent player in the virtual assets sphere.
Sheikh Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah, has officially opened the RAK Digital Assets Oasis (RAK DAO) on October 19. This is an economic free zone tailored to back businesses involved in digital, virtual assets, blockchain technology, Web3, and artificial intelligence (AI). Cointelegraph previously reported that the free zone is focused on providing services to digital and virtual assets in cutting-edge technologies such as blockchain, metaverse, utility tokens, virtual asset wallets, NFTs, decentralized autonomous organizations, decentralized applications, and other Web3 associated businesses. Grant programs, as well as specialized support in the tech sector, marketing, and business expansion, will be run by RAK DAO and their ecosystem collaborators.
Sheikh Saud emphasized the goal is to forge a facility for digital assets to prosper, enable creativity, and bring forward innovative ideas. He recognized the huge potential of digital assets based on global trends and data and believed Ras Al Khaimah could reap significant benefits by being an early adopter.
A memorandum of agreement was also penned between Securities and Commodities Authority (SCA) CEO Maryam Buti Al Suwaidi and Sameer Al Ansari, CEO of RAK DAO. Despite attempts to reach RAK DAO for additional insights, there was no immediate response.
The goal behind RAK DAO development is part of Ras Al Khaimah's diversification from traditional economic sectors such as tourism, tapping into the virtual assets industry. However, it's competing with popular technology hubs, like Abu Dhabi and Dubai, who already have gained appeal with international crypto firms.
RAK DAO is part of the UAE's assortment of Web3-friendly free zones where business owners have complete control of their businesses, tax arrangements, and regulatory frameworks, except for the UAE's criminal law. Examples of such zones include Abu Dhabi Global Market, Dubai Multi Commodities Centre, and Dubai International Financial Centre.
In line with this, Sheikh Saud passed Law No 2 of 2023 that decrees the establishment of RAK DAO. The law aims at economic diversification and attracting international businesses while granting the free zone fiscal, administrative, and legislative independence. This will enable RAK DAO to act as a purpose-built, innovation-enhancing free zone for the virtual assets sector.
Since its inception, RAK DAO has partnered with several entities such as the HBAR Foundation, RAKBANK, and the Romanian AI company Humans.ai to bolster its ecosystem.
Published At
10/19/2023 10:48:05 AM
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