UAE Emirate Unveils New Free Zone for Digital Assets, Web3, and AI

On October 19, Sheikh Mohammed bin Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah, officially launched the RAK Digital Assets Oasis (RAK DAO). This new economic free zone is designed to support businesses focused on digital and virtual assets, blockchain, Web3, and artificial intelligence (AI).

The free zone aims to cater specifically to providers of digital and virtual asset services, encompassing emerging technologies such as the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications, and other related ventures within the Web3 ecosystem.