Ras al Khaimah in the VAE opens a free zone for digital assets and web3

• ras al Khaimah, United Arab Emirates, introduced Rak Dao, a free zone for digital assets and web3.
• rak dao offers entrepreneurs 100 % ownership of their companies and a unique regulatory framework.
• The VAE continues to attract global crypto and web3 companies through advanced regulatory measures.

ras al Khaimah, one of the seven emirates of the United Arab Emirates (VAE), presented his latest initiative to diversify its economy by founding the RAK Digital Assets Oasis (RAK DAO), a special free zone for companies in the field of digital and virtual assets.

To attract global crypto players, the Emirate positions itself as a future-oriented center for new technologies.

a specially furnished free area for digital assets

rak dao is on the best way to become the world's first free zone that focuses exclusively on companies for digital and virtual assets and creates a specially developed ecosystem for entrepreneurs from all over the world.

This free zone is intended to support companies that deal with top technologies, including metavers, blockchain, utility tokens, virtual asset walls, non-fungible tokens (NFTS), decentralized autonomous organizations (DAPPS) and other web3 -Do-related companies.

Entrepreneurs within the free zone will be 100 % owners of their companies and enjoy unique tax systems and regulatory framework conditions. While RAK DAO is expected to start with non -financial activities, it could also introduce financial activities at a later date, which underlines the commitment of the Emirate for innovation and compliance with legal regulations.

The attractiveness of the VAE for crypto and web3 companies

The VAE actively courted crypto and blockchain companies with an advanced regulatory environment.

Dubai has introduced a law on virtual assets and the regulatory authority for virtual assets to protect investors and determine industrial standards. In addition, the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Center (DIFC) have their own financial supervisory authorities that offer attractive free areas for companies with digital assets. The Dubai Virtual Assets Regulatory Authority even opened its headquarters in The Sandbox in May 2022.

Since then, several crypto companies have received operating licenses for operation in Dubai. Binance that the first company was the first to buy an MVP license in Dubai, Crypto.com and Okx.

The Rak Dao from Ras Al Khaimah complements the more than 40 multidisciplinary free zones in the VAE and further positions the country as a preferred goal for crypto, blockchain and web3 companies.

Applications for RAK DAO are open and offer entrepreneurs and companies for digital assets a new opportunity to be successful in this emerging industry. This initiative illustrates the commitment of the VAE to promote innovations and to shape the future of finance and technology.