Ras Al Khaimah, one of the United Arab Emirates' (UAE) seven Emirates, is preparing to introduce the RAK Digital Assets Oasis (RAK DAO), a free zone for businesses dealing in digital and virtual assets.
Business owners in the UAE free-trade zones own 100% of their companies and maintain unique legal and tax structures.
RAK DAO is planned for firms that provide services for digital and virtual assets in Web3-related sectors such as metaverse, blockchain, utility tokens, NFTs, decentralized autonomous organizations (DAOs), and decentralized applications (DApps).
- UAE has more than 40 free zones, including the Dubai Multi Commodities Centre (DMCC), DIFC, and the ADGM.
- The UAE free zones have attracted several blockchain, cryptocurrency, and Web3 enterprises.
- RAK DAO project was first announced at Blockchain Life 2023 global forum in Dubai, UAE.
In March 2022, Dubai introduced its virtual assets law and the Virtual Asset Regulatory Authority (VARA).
