What is Ras Al Khaimah Digital Assets Oasis (RAK DAO)?

 RAK Digital Assets Oasis (RAK DAO) is a dedicated Free Zone established to support and nurture digital assets companies innovating in new and emerging sectors of the future. Situated in the UAE Emirate of Ras Al Khaimah, RAK DAO offers a transparent legislative framework that simplifies the process of opening and operating virtual assets companies.

By fostering a vibrant ecosystem and providing comprehensive services, RAK DAO drives the future of emerging sectors, propelling innovation, and unlocking the potential of digital assets.

UAE's first Web3-focused free zone 'RAK DAO' launched in Ras Al Khaimah

Entrepreneurs in the free zone will have complete business ownership and freedom over tax rules and other regulations but must adhere to UAE's criminal laws. On October 19, His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, inaugurated the RAK Digital Assets Oasis (RAK DAO), a new economic free zone for the development of digital assets, Web3, and Artificial Intelligence (AI) companies.

The RAK DAO is set to support many entrepreneurs and businesses in the Web3 space. It is dedicated to digital and virtual asset service providers (VASPs) in emerging technologies such as the metaverse, blockchain, utility tokens, non-fungible tokens, decentralised autonomous organisations (DAOs), and other Web3-related businesses.

The entrepreneurs in the free zone will have complete ownership over their businesses. They can establish their own tax rules and regulatory frameworks but have to adhere to the existing criminal laws of the United Arab Emirates (UAE).

The RAK DAO and its ecosystem partners will run grant programs and offer tailored technical, marketing, and business development assistance.

In his opening remarks at the inauguration, Sheikh Saud said, “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.

We observed that global trends and data point to the incredible opportunity digital assets offer, and we felt… that Ras Al Khaimah could and should benefit from being a first adopter.”

Since its establishment, RAK DAO has added several partners to help grow the ecosystem, including the HBAR Foundation, local bank RAKBANK, and the AI company Human.ai, among its allies.

A memorandum of understanding was also signed at the inauguration between Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority (SCA), and Sameer Al Ansari, CEO of RAK DAO, marking a significant collaboration.

There are over 40 free zones in the UAE, each with its own focus and specialisation. Some of those free zones are Jebel Ali Free Zone (JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Internet City (DIC), and Dubai Media City (DMC). RAK DAO is, however, the first free zone in UAE dedicated to the Web3 space.

The RAK DAO is expected to impact the web3 sector in the UAE significantly. It will provide much-needed support to businesses in the digital asset industry and attract entrepreneurs and companies from all over the world to the country. Additionally, the decision is expected to boost the economic diversification of Ras al Khaimah.

RAK Digital Assets Oasis

RAK Digital Oasis Freezone is an area designated by the government of Ras al Khaimah for companies to operate with minimal restrictions for non-regulated activities in the virtual assets sector, making them ideal for entrepreneurs and businesses of all sizes.

And now, with the launch of RAK Digital Assets Oasis, a new freezone dedicated to digital assets and cryptocurrencies, there has never been a better time to set up a company in the UAE.

RAK Digital Oasis Freezone, located in the emirate of Ras Al Khaimah, is the first freezone in the UAE specifically designed to cater to the needs of companies and entrepreneurs involved in digital assets and cryptocurrencies, as well as digital and virtual assets service providers active in emerging and innovative sectors, including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.

This new freezone offers a wide range of benefits, including:

  • 100% foreign ownership
  • 100% repatriation of profits and capital
  • 0% corporate and personal income tax

These benefits, combined with the UAE’s strategic location, world-class infrastructure, and supportive business environment, make RAK Digital Assets Oasis an ideal destination for companies looking to enter the digital asset and cryptocurrency market.

The digital asset and cryptocurrency market is rapidly growing and evolving, with new opportunities emerging every day. By setting up your business in RAK Digital Assets Oasis, you’ll be in a prime position to take advantage of these opportunities and stay ahead of the competition.

RAK Digital Assets Oasis offers a range of services to help you grow your business, including access to top-tier advisors and service providers, state-of-the-art infrastructure, and a network of like-minded companies and entrepreneurs.

One of the biggest advantages of RAK Digital Assets Oasis is its focus on regulatory compliance. The freezone is committed to maintaining the highest standards of compliance, and has developed a comprehensive regulatory framework to ensure that companies operating in the freezone are fully compliant with local and international regulations. This commitment to compliance not only ensures that your business operates within the law, but also helps to build trust with your customers and stakeholders.

RAK Digital Assets Oasis is also dedicated to fostering innovation and entrepreneurship in the digital asset and cryptocurrency space. The freezone has established partnerships with leading universities and research institutions to provide companies with access to cutting-edge research and development facilities.

This focus on innovation, combined with the freezone’s supportive business environment, makes RAK Digital Assets Oasis an ideal destination for startups and established businesses alike.

In addition to its many benefits for businesses, RAK Digital Assets Oasis Freezone is also an attractive destination for individuals looking to invest in digital assets and cryptocurrencies.

The freezone offers a range of investment opportunities, including initial coin offerings (ICOs) and security token offerings (STOs). These investment opportunities are backed by the freezone’s comprehensive regulatory framework, giving investors peace of mind and ensuring that their investments are fully compliant with local and international regulations.

RAK Digital Assets Oasis is the perfect destination for companies and individuals looking to enter the digital asset and cryptocurrency market. With its strategic location, world-class infrastructure, supportive business environment, and comprehensive regulatory framework, RAK Digital Assets Oasis offers everything you need to succeed in this exciting and rapidly growing industry.

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