The United Arab Emirates (UAE) has taken a new step in the development of its digital asset economy. Ras Al Khaimah (RAK), one of the seven emirates of the UAE, is building The RAK Digital Oasis (RAK DAO) for digital asset companies.
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This will be the world's first free zone to support Web3 companies specializing in technologies such as blockchain, virtual assets and wallets, DAOs, NFTs, and metaverse. RAK DAO is planned to be a "purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector," its official website reads.
The news appeared on the Twitter profile of RAK DAO on February 28. According to the MENA business news platform Zawya, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of the RAK DAO and RAK ICC, made an official announcement the previous day during Blockchain Life 2023, one of the world's largest forums for cryptocurrencies and blockchain technologies:
“We are building the free zone of the future for the companies of the future. As the world's first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive, and quick-to-adapt approach, and our innovation-enabling environment.”
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“With the UAE’s established reputation as an innovation hub, RAK Digital Assets Oasis delivers a truly unique offering to global entrepreneurs bringing together an unmatched combination of accessibility and liveability, supported by Ras Al Khaimah’s business-friendly infrastructure, progressive policies, and an international lifestyle offering,” said Dr. Sameer Al Ansari, CEO of RAK DAO, describing the purpose of the free zone.
RAK DAO will provide Web3 companies with incubators, hybrid workspaces, cost-effective business hubs, funding options, and professional consulting, secretarial and accounting services. Entrepreneurs, startups, and other business organizations are invited to join RAK DAO, which is planned to start operating in Q2 2023.