The United Arab Emirates’ Ras Al Khaimah has established a free zone for digital assets and Web3
RAK DAO is a free zone in Ras Al Khaimah, United Arab Emirates, that is focused on digital assets and Web 3.
The Emirate of Ras Al Khaimah in the United Arab Emirates (UAE) has launched its newest plan to diversify its economy with the introduction of the RAK Digital Assets Oasis (RAK DAO), a free-trade zone exclusively for businesses dealing in digital and virtual assets.
The emirate is trying to present itself as a progressive center for developing technology in order to attract global crypto players.
With its focus on digital and virtual asset enterprises, RAK DAO has the potential to become the first free zone of its kind in the world, providing a unique environment for business owners from all over the world to thrive in.
Metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized applications (DApps) are all examples of cutting-edge technologies that will benefit from this tax haven.
Within the free zone, company owners will have complete control over their operations and access to favorable tax rates and regulations. RAK DAO will launch with non-financial services, but the emirate is committed to innovation and regulatory compliance, so it may provide financial services at a later date.
The United Arab Emirates (UAE) offers a favorable regulatory climate for crypto and blockchain companies, thus it has been aggressively captivating them.
To protect investors and create industry standards, Dubai passed a legislation pertaining to virtual assets and established the Virtual Asset Regulatory Authority. As an added bonus, both the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC) have their own financial regulators and provide enticing free zones for digital asset enterprises.
Since then, a number of cryptocurrency companies have been granted business licenses in Dubai. Binance, the first company to get a Dubai MVP license, is only one example of the many firms that have done so. Others include Crypto.com and OKX.
The RAK DAO in Ras Al Khaimah supplements the United Arab Emirates’ (UAE) more than 40 interdisciplinary free zones, strengthening the region’s appeal as a home base for the blockchain, cryptocurrency, and Web 3.0 industries.
A fresh window of opportunity has opened up for entrepreneurs and digital asset enterprises in the form of RAK DAO’s call for applications. The United Arab Emirates (UAE) is showing that it is prepared for the future of finance and technology by launching this program.