Ras Al Khaimah Digital Assets Oasis (RAK DAO), a free zone designed for virtual asset companies, has drawn nearly 400 companies within a year and aims to make a significant impact on the gaming industry, according to a senior official. "In 12 months, we have welcomed just under 400 companies, issuing licenses to a diverse array of businesses across various segments. Ras Al Khaimah Digital Assets Oasis serves as a global platform for cutting-edge technology sectors such as artificial intelligence (AI), metaverse, blockchain, Web3, and more, which are shaping our future and that of our children," stated Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis.
During a recent conference hosted by the free zone, Dr. Al Ansari emphasized the substantial size of the gaming industry, which exceeds the combined revenues of the music and movie industries. "We believe Ras Al Khaimah can significantly contribute to the development and growth of the gaming industry," Al Ansari said during the conference. He also noted the creation of a thriving ecosystem that has established partnerships with key industry players, further enhancing Ras Al Khaimah's reputation as a digital innovation hub in the UAE, which now ranks third globally in crypto adoption.
Established 12 months ago, RAK DAO has positioned itself as a crucial part of the digital asset landscape, both within the UAE and globally, earning a strong reputation as a platform serving the global Web3 community. At the conference, RAK DAO introduced the DAO Association Regime, a legal framework specifically designed to support decentralized autonomous organizations (DAOs). "DAOs represent a significant shift in governance, driven by smart contracts and decentralized decision-making. They are expected to grow by over 20% annually in the coming years. However, decentralization brings significant challenges, particularly in interacting with the off-chain world," explained Al Ansari. The regime addresses these challenges by offering DAOs a comprehensive framework that provides legal identity and limited liability for their members.
The free zone also introduced two new modules: Startup DAOs for emerging projects with fewer than 100 members, and Alpha DAOs for more established DAOs with treasuries exceeding $1 million, enabling them to scale within a robust legal framework. "DAOs are becoming essential to the Web3 ecosystem. Currently, there are over 50,000 DAOs with treasuries exceeding $25 billion, reflecting growing trust and reliance on decentralized governance. However, without legal recognition, many DAOs face barriers in interacting with traditional financial systems," he said, adding that with RAK DAOs, DAOs can now open bank accounts and raise capital more easily. "By introducing RAK DAOs, the UAE sets the global standard for how decentralized organizations can operate within a legal framework. This initiative not only supports digital assets here but also serves as a blueprint for other jurisdictions still figuring out how to regulate DAOs. Looking ahead, DAOs will play an increasingly integral role in sectors beyond finance and technology," concluded Al Ansari.
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