<p>Ras Al Khaimah (RAK), one of the seven Emirates of the United Arab Emirates (UAE), has launched the RAK Digital Assets Oasis (RAK DAO), a free zone tailored exclusively for digital and virtual asset enterprises.</p><h2 id="header-0">From conception to launch</h2><p>The Emirate has been <a href="https://medium.com/&#64;coinness.gl/uaes-rak-dao-partners-with-hbar-foundation-to-support-web3-startups-ee59b38a8d84" rel="noopener noreferrer nofollow">working</a> on the RAK DAO project for some time, having enacted a law to establish the free zone in March of this year. In July it emerged that RAK Digital Assets Oasis had partnered with the HBAR Foundation, the project team behind the Hedera public ledger, with HBAR extending funding and resources to fuel the growth of free zone members.</p><p>Having put in the hard yards to establish the free zone, RAK DAO, under the patronage of RAK Emirate ruler His Highness Sheikh Saud Bin Saqr Al Qasimi, had its <a href="https://www.rakdao.com/launch/event/" rel="noopener noreferrer nofollow">launch event</a> on Thursday. The event included a range of industry speakers including Ledger Chairman and CEO Pascal Gauthier, Animoca Brands Co-Founder and Executive Chairman Yat Siu, DFINITY Founder Dominic Williams, and TON Foundation President Steve Yun, among others.</p><p>During the event, DAO creation and governance platform DeXe DAO Studio <a href="https://x.com/DeXeDAOStudio/status/1715026238211838394?s&#61;20" rel="noopener noreferrer nofollow">announced</a> its partnership with RAK DAO.</p><p>With an eye towards keeping the RAK Emirate ahead of the technological curve, RAK DAO aims for the digital assets oasis to become the world’s first free zone dedicated solely to digital and virtual asset companies. While RAK DAO is initially expected to focus on non-financial activities, it holds the potential to introduce financial activities at a later stage.</p><h2 id="header-1">Nurturing Web3 innovation</h2><p>The mandate of RAK DAO is to provide robust support to companies engaged in cutting-edge technologies. This includes but is not limited to ventures in the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and various other Web3-related businesses.</p><p>Entrepreneurs who establish their presence within the confines of this free zone will be granted the privilege of retaining 100% ownership of their enterprises. Moreover, they will benefit from innovative tax schemes and a regulatory framework that is tailored to the unique demands of the digital asset industry.</p><h2 id="header-2">Progressive approach to Web3</h2><p>The UAE, as a nation, has actively pursued and courted crypto and blockchain firms by cultivating a progressive regulatory environment. Dubai led the charge by introducing a virtual assets law and establishing the Virtual Asset Regulatory Authority.</p><p>RAK is not the first Emirate to establish a free zone that caters to crypto and Web3 business within the UAE. The Emirate of Abu Dhabi has established the Abu Dhabi Global Market (ADGM) while the Dubai International Financial Centre (DIFC) established its own financial regulator in Dubai, paving the way for attractive free zones for digital asset businesses. The Dubai Virtual Assets Regulatory Authority (VARA) even took its commitment a step further by inaugurating its headquarters in The Sandbox in May 2022.</p><p>Dubai has issued operational licenses to several crypto firms, including prominent names like Binance, Crypto.com, and Nomura’s <a href="https://medium.com/&#64;coinness.gl/nomuras-crypto-subsidiary-secures-dubai-vara-license-5d518ba7bf57" rel="noopener noreferrer nofollow">Laser Digital</a> and digital asset custodian <a href="https://medium.com/&#64;coinness.gl/nomura-backed-digital-exchange-acquires-trading-license-in-dubai-f1ee43c0c46a" rel="noopener noreferrer nofollow">Komainu</a>. These licenses have further solidified the UAE’s position as a preferred destination for crypto, blockchain, and Web3 enterprises.</p>

UAE Emirate Launches Digital Asset Oasis Free Zone

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