- RAK DAO: A beacon for digital, blockchain, Web3, and AI technologies.
- Emirate’s strategic pivot from cultural heritage to digital innovation forefront.
- Free Zone offers a unique platform, bridging East and West innovators.
Ras Al Khaimah, UAE In a strategic move to diversify its economy, Ras Al Khaimah has launched the RAK Digital Assets Oasis (RAK DAO), positioning itself at the forefront of blockchain, metaverse, and other emerging technologies.
Unveiled on October 19 by Sheikh Mohammed bin Saud bin Saqr Al Qasimi, the RAK DAO aims to be a hub for digital assets and virtual economies. The announcement signals Ras Al Khaimah’s readiness to seize opportunities in the rapidly evolving digital landscape.
According to Sheikh Saud, the goal is to create an environment where digital ideas can thrive. The RAK DAO will cater to diverse providers of digital and virtual services, from NFTs to DAOs and metaverse applications.
The RAK DAO offers more than just infrastructure. In partnership with industry leaders, it is introducing grant programs to boost technological development, marketing capabilities, and business growth for firms within the Zone.
Global potential of digital assets
Sheikh Saud emphasized the global potential of digital assets and metaverse technologies. “The global trends are evident. Digital assets offer unique opportunities, and we are confident Ras Al Khaimah will benefit as an early adopter,” he stated.
According to the crypto media platform Cointelegraph, the RAK DAO has expansive reach and ambitions. Besides blockchain firms, it aims to attract e-gaming companies, VR/AR service providers, and other pioneers.
Strategic bet on the future
While Ras Al Khaimah’s cultural heritage sites have been its pride, the RAK DAO marks a shift. The emirate looks beyond tourism to diversify its economy and bet strategically on the digital future.
The launch is bold, signaling Ras Al Khaimah’s commitment to champion the digital assets revolution. With the RAK DAO, the emirate aims to nurture the industry and establish itself as the “Dubai of Web3”.
Incentives to attract pioneers
The RAK DAO offers competitive incentives to attract firms and talent. This includes 100% foreign ownership, zero corporate tax, and no restrictions on profit repatriation. Supportive regulations and secure infrastructure provide a fertile ground.
Sheikh Saud stated, “We will spare no effort in making Ras Al Khaimah a jurisdiction of choice for individuals and companies operating in the digital assets space.”
In conclusion, the RAK Digital Assets Oasis represents a visionary leap into the digital future for Ras Al Khaimah. By embracing emerging technologies and positioning itself as a home for digital pioneers, the emirate looks set to benefit as an early mover.
