Ras Al Khaimah, one of the seven Emirates of the United Arab Emirates (UAE), has launched the RAK Digital Assets Oasis (RAK DAO), a free zone dedicated solely to digital and virtual asset companies. This initiative positions the emirate as a forward-thinking hub for emerging technologies and provides entrepreneurs from around the world with a purpose-built ecosystem and unique regulatory framework.
RAK DAO offers entrepreneurs 100% ownership of their businesses, in addition to unique tax schemes and the ability to engage in non-financial activities. The free zone also may introduce financial activities at a later stage, further demonstrating the emirate’s commitment to innovation and regulatory compliance.
The UAE has been actively courting crypto and blockchain firms with a progressive regulatory environment. Dubai introduced a virtual assets law and the Virtual Asset Regulatory Authority to safeguard investors and establish industry standards. Additionally, the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC) offer attractive free zones for digital asset businesses.
Several crypto firms have since secured operational licenses to operate in Dubai, including Binance, Crypto.com, and OKX. The launch of Ras Al Khaimah’s RAK DAO further positions the UAE as a destination of choice for crypto, blockchain, and Web3 enterprises. Applications for RAK DAO are now open, offering entrepreneurs a new opportunity to thrive in this burgeoning industry. This initiative signifies the UAE’s commitment to fostering innovation and embracing the future of finance and technology.
