The United Arab Emirates (UAE) has taken a significant step towards the continued development of Web3 and blockchain companies with the official launch of a new free zone. The RAK Digital Asset Oasis (RAK DAO), located in the culturally rich city of Ras Al Khaimah, aims to create an environment that fosters growth in the digital asset industry.
The opening of RAK DAO was attended by Sheikh Mohammed bin Saud bin Saqr Al Qasimi, and it is expected to provide support to businesses operating in the Web3 ecosystem. This includes digital assets, blockchain technology, and even artificial intelligence.
The launch of the free zone comes at a time when the digital asset industry is experiencing mixed reactions globally. While certain regions, like the United States, have been vocal about their opposition to the development of this sector, many countries have embraced the potential of technological advancements.
The UAE is among the countries that have chosen to embrace this growth, and the creation of the RAK DAO is a testament to its commitment. By establishing a free zone dedicated to Web3 and blockchain companies, the UAE is providing much-needed support and resources to businesses in the digital asset industry. Additionally, this move will also contribute to diversifying the economy of Ras al Khaimah.
The RAK DAO is set to cater to digital asset and virtual asset service providers. This includes industries such as the metaverse, virtual asset wallets, and non-fungible tokens (NFTs), among others. These companies will find a haven in the free zone, benefiting from its dedicated support programs and grants. This support has the potential to greatly assist in technology and business development, as well as marketing.
The establishment of Web3-free zones like the RAK DAO allows entrepreneurs to have 100% ownership of their businesses. Additionally, these zones provide specific tax and regulatory frameworks to facilitate smooth operations. Already, the RAK DAO has partnered with organizations such as the HBAR Foundation and the local Rakbank, further strengthening its resources and connections.
The launch of the RAK DAO is a significant step towards the growth of the digital asset industry in the UAE. With the support and resources provided by this free zone, companies operating in the Web3 ecosystem can thrive and contribute to the development of a robust and innovative economy. As the UAE continues to position itself as a leader in the technological sector, initiatives like the RAK DAO pave the way for a transformative future.