October 20, 2023

Ras Al Khaimah Launches Free Zone for Web3, AI, Blockchain

Ras Al Khaimah

Ras Al Khaimah

Sheikh Mohammed bin Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah, inaugurated the RAK Digital Assets Oasis (RAK DAO), which is an economic free zone that aims to support companies that are involved in digital and virtual assets, blockchain, Web3 and artificial intelligence (AI).

As reported earlier by Cointelegraph, the free zone focuses on digital and virtual asset service providers in emerging technologies such as blockchain, the metaverse, virtual asset wallets, utility tokens, NFTs, decentralized autonomous organizations (DAOs), decentralized applications and other Web3-related businesses.

RAK DAO and its ecosystem partners will offer grant programs and specialized support in technology, marketing, and business development.

“When we embarked on this… journey, our vision was to create a hub where digital assets could thrive, innovation could flourish, and groundbreaking ideas could come to light. We wanted to provide a platform to foster its growth and success,” Sheikh Saud said.

Securities and Commodities Authority CEO Maryam Buti Al Suwaidi and RAK DAO CEO Sameer Al Ansari signed a memorandum of understanding.

The move comes as Ras Al Khaimah, known for its rich cultural sites, aims to diversify its economy away from traditional areas such as tourism by turning to the digital assets sector. However, RAK DAO has entered a market where more popular technology hubs in Abu Dhabi and Dubai are already attracting global crypto firms.

RAK DAO is the latest addition to the United Arab Emirates’ list of Web3-friendly free zones. These are areas where entrepreneurs have 100% ownership of their businesses and have their own tax schemes and regulatory frameworks, except for the UAE’s criminal law. Other areas include the Abu Dhabi Global Market, Dubai Multi Commodities Centre, and Dubai International Financial Centre.

Sheikh Saud issued Law No 2 of 2023, which decrees the establishment of RAK DAO as part of its economic diversification efforts and attempts to attract global players.

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