Ras Al Khaimah Introduces New Free Zone To Attract Web3 Firms

• The goal of this project is to promote Ras Al Khaimah as a center for innovative technology.
• The United Arab Emirates is aggressively courting crypto and blockchain startups.

One of the Emirates of UAE, Ras Al Khaimah, is taking deliberate effort to broaden its financial landscape. The RAK Digital Assets Oasis (RAK DAO) is a new free zone in the emirate that aims to support and promote the digital and virtual asset industry. The goal of this project is to promote Ras Al Khaimah as a center for innovative technology and attract crypto businesses from across the world.

Ras Al Khaimah, eager to keep up with the rapidly developing digital boom has announced RAK DAO, which aims to boost future technologies. This innovative project will likely create a tailored environment, inviting business owners from all around the globe to take part in the expanding digital and blockchain industry.

Favorable Regulatory Climate

For its part, RAK DAO is dedicated to backing startups working with cutting-edge technologies like Web3 and its associated segments including NFTs and DeFi. In this free zone, company owners may keep all of the profits they make, and they’ll also benefit from reduced taxes and fewer rules.

While non-financial activities will be the first emphasis of RAK DAO, the emirate plans to include financial activities in the future to demonstrate its commitment to innovation and regulatory compliance.

The United Arab Emirates is aggressively courting crypto and blockchain startups, promising them a favorable regulatory climate in which to thrive. Other major Emirates, including Dubai and Abu Dhabi, have already adopted virtual asset-friendly legislation and regulations, making it possible for crypto firms to establish themselves there.

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