UAE emirate launches new free zone for digital assets, Web3 and AI
Ras Al Khaimah ruler Sheikh Mohammed bin Saud bin Saqr Al Qasimi inaugurated the new RAK Digital Assets Oasis (RAK DAO), an economic free zone dedicated to supporting companies involved in digital and virtual assets, blockchain, Web3 and artificial intelligence (AI) on Oct. 19.
As previously reported by Cointelegraph, the free zone will be dedicated to digital and virtual asset service providers in emerging technologies such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens, decentralized autonomous organizations (DAOs), decentralized applications and other Web3-related businesses.
RAK DAO and its ecosystem partners will also run grant programs and provide specialized support in various areas of technology, marketing and business development.
“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,” Sheikh Saud said in his opening remarks. “We wanted to provide a platform to foster its growth and success.” He added:
A memorandum of understanding was also signed between Securities and Commodities Authority CEO Maryam Buti Al Suwaidi and RAK DAO CEO Sameer Al Ansari.
Related: Middle East regulatory clarity drives crypto industry growth — Binance FZE head
Cointelegraph reached out to RAK DAO for further comments but didn’t get an immediate response.
Ras Al Khaimah, known for its rich cultural sites, is turning to the digital assets sector to diversify its economy away from traditional avenues, such as tourism. However, the new free zone has entered a space where more popular technology hubs in Abu Dhabi and Dubai are already attracting global crypto firms.
RAK DAO joins the
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