Ras Al Khaimah’s RAK Digital Assets Oasis (RAK DAO), a dedicated free zone for virtual assets, has attracted close to 400 companies within its inaugural year. The zone, a strategic initiative for businesses in Web3, blockchain, AI, and the metaverse, aims to serve as a comprehensive platform for global digital assets.
RAK DAO’s CEO, Dr. Sameer Al Ansari, highlighted the gaming industry’s vast potential during a recent conference, noting, “We believe Ras Al Khaimah can play a big part in the development and growth of the gaming industry.” Dr. Al Ansari underscored gaming’s value, which now surpasses both the music and film industries combined.
The free zone has also introduced the DAO Association Regime, a legal framework for decentralised autonomous organisations (DAOs). This framework provides DAOs with a structured legal identity and limited liability for their members, addressing challenges in integrating DAOs with traditional financial systems. Dr. Al Ansari explained that DAOs will play a transformative role in multiple sectors, stating, “By introducing RAK DAOs, the UAE sets the global standard for how decentralised organisations can operate within the legal framework.”
Supporting the evolving Web3 landscape, RAK DAO unveiled two new DAO modules: Startup DAOs, targeting projects with fewer than 100 members, and Alpha DAOs, aimed at larger organisations with over $1 million in assets. This innovative framework empowers DAOs to open bank accounts, raise capital, and engage in various financial activities more effectively.
With over 50,000 DAOs globally managing treasuries exceeding $25 billion, RAK DAO’s legal framework is expected to bolster UAE’s position in global digital asset adoption, extending its influence beyond finance and technology into various sectors.
