David - Cryptocurrency Specialist
The RAK Digital Assets Oasis (RAK DAO) is a new free zone in the United Arab Emirates that is set to launch in the second quarter of 2023. The free zone is dedicated to digital and virtual asset service providers in emerging technologies, including non-fungible tokens (NFTs), blockchain, decentralised autonomous organisations (DAOs), and other Web3-related businesses.
RAK DAO offers several benefits to entrepreneurs in the digital asset industry. One of the main advantages is that entrepreneurs have 100% ownership of their businesses and enjoy different regulatory frameworks and tax schemes. The free zone will provide a purpose-built, innovation-enabling environment for non-regulated activities in the virtual assets sector. RAK DAO aims to support the ambitions of entrepreneurs from around the world by providing them with the necessary infrastructure and resources to grow their businesses.
The UAE has been positioning itself as a forward-thinking hub for crypto firms by creating a friendly regulatory environment. The country has more than 40 multidisciplinary free zones, including the Dubai Multi Commodities Centre (DMCC), Dubai International Financial Centre (DIFC), and Abu Dhabi Global Market (ADGM), which have attracted numerous crypto, blockchain, and Web3 firms. The new RAK DAO free zone will add to this list and provide an opportunity for digital asset firms to operate in a favourable regulatory environment.
Non-fungible tokens (NFTs) are a type of digital asset that has been gaining popularity in recent years. NFTs provide unique ownership rights and cannot be exchanged for other tokens or assets. The NFT market has been growing rapidly, and investors are showing a lot of interest in buying NFT coins. The RAK DAO free zone will provide an opportunity for NFT service providers to operate in a favourable regulatory environment and tap into the growing NFT market.
The launch of the RAK DAO free zone in the UAE is a clear indication of the country's commitment to supporting the growth of the digital asset industry. The free zone will provide an opportunity for entrepreneurs in emerging technologies to explore the potential of the NFT crypto market. As the world's first free zone solely dedicated to digital and virtual asset companies, RAK DAO is poised to become a leading hub for NFT service providers and other Web3-related businesses.