1 year ago
Ras Al Khaimah ruler Sheikh Saud bin Saqr Al Qasimi inaugurated the caller RAK Digital Assets Oasis (RAK DAO), an economical escaped portion dedicated to supporting companies progressive successful integer and virtual assets, blockchain, Web3, and artificial quality (AI), connected Oct. 19.
As antecedently reported by Cointelegraph, the escaped portion volition beryllium dedicated to integer and virtual assets work providers successful emerging technologies, specified arsenic the metaverse, blockchain, inferior tokens, virtual plus wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps) and different Web3-related businesses.
RAK DAO and its ecosystem partners volition besides tally assistance programs, and specialized enactment successful assorted areas of technology, marketing, and concern development.
“When we embarked connected this… journey, our imaginativeness was to make a hub wherever integer assets could thrive, innovation could flourish, and groundbreaking ideas could travel to light,” Sheikh Saud said successful his opening remarks. “We wanted to supply a level to foster its maturation and success. He added:
“We observed that planetary trends and information constituent to the unthinkable accidental integer assets offer, and we felt… that Ras Al Khaimah could and should payment from being a archetypal adopter.”A memorandum of knowing (MoU) was besides signed betwixt the Securities and Commodities Authority (SCA) CEO Maryam Buti Al Suwaidi and RAK DAO main enforcement Sameer Al Ansari.
Related: Middle East regulatory clarity drives crypto manufacture maturation — Binance FZE head
Cointelegraph reached retired to RAK DAO for further comments but didn’t get an contiguous response.
Ras Al Khaimah, known for its affluent taste sites, is turning to the virtual assets assemblage to diversify its system distant from accepted avenues specified arsenic tourism. However, the caller escaped portion has entered a abstraction wherever much fashionable exertion hubs successful Abu Dhabi and Dubai are already attracting planetary crypto firms.
RAK DAO joins the UAE’s database of Web3-friendly escaped zones — areas wherever entrepreneurs person 100% ownership of their businesses and person their ain taxation schemes and regulatory frameworks, but for the UAE’s transgression instrumentality — including the Abu Dhabi Global Market (ADGM), Dubai Multi Commodities Centre (DMCC) and Dubai International Financial Centre, among others.
Sheikh Saud issued Law No 2 of 2023, which decrees the constitution of RAK DAO arsenic portion of its economical diversification efforts and attempts to pull planetary players, the Emirates News Agency reported successful March. The authorities grants the escaped portion financial, administrative, and legislative independence, allowing it to relation arsenic a purpose-built, innovation-enabling escaped portion for the virtual assets sector.
RAK DAO has since added respective partners to assistance turn its ecosystem, including the HBAR Foundation, section slope RAKBANK, and Romanian AI steadfast Humans.ai.
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