RAK Digital Assets Oasis: The First Web3 Free Zone In UAE

"RAK Digital Assets Oasis: a potential alternative for web3 projects looking to start or relocate to the UAE"

In 2023, the Emirate of Ras Al Khaimah, in the United Arab Emirates ("UAE"), made a significant leap in the digital and virtual assets landscape by launching the RAK Digital Assets Oasis ("RAK DAO"): https://www.rakdao.com/

Created as an independent authority, RAK DAO is a specialized economic free zone in UAE designed to cater to businesses in the field of digital assets, blockchain technology, and cryptocurrencies. The free zone offers a regulatory framework that supports innovation and entrepreneurship in the digital and virtual asset sector, allowing companies to operate with streamlined processes as well as various benefits, such as 100% foreign ownership, tax exemptions, and fewer bureaucratic hurdles. It must be noted, as an example of its innovativeness, that RAK DAO accepts crypto as a method of payment and facilitates access to bank accounts