The UAE is rapidly establishing itself as a central hub for cryptocurrency, blockchain and Web3 technologies, accompanied by simultaneous increases in investments within the expanding tech innovation sector. On October 19, 2023, a significant achievement was reached with the official launch of the Ras Al Khaimah Digital Assets Oasis (RAK DAO), marking the inception of a new era in digital evolution and Web3 collaboration within Ras Al Khaimah. In this area, businesses dealing with digital assets, including cryptocurrencies, can operate under fewer regulatory restrictions, offering benefits to both small and large enterprises. A significant recent advancement is the establishment of the RAK Digital Assets Oasis, the world's first common law and specialized free zone exclusively dedicated to companies involved in digital and virtual assets.

This initiative, established earlier in the year under RAK Law No. 2 of 2023 and overseen by RAK’s Department of the Future, is recognized as "the world’s leading inaugural purpose-built free zone catering to next-generation innovators”. RAK DAO is structured to attract both domestic and international investments, entrepreneurs, and businesses specializing in unregulated virtual asset activities, covering Metaverse, Blockchain, Gaming, NFTs, DApps, AI, and Web3.

This recently established free zone presents a diverse set of benefits, which include:
- Full foreign ownership
- Complete repatriation of profits and capital

The free zone provides a range of services to nurture any business growth, including access to top-tier advisors and service providers, cutting-edge infrastructure, and a network of like-minded companies and entrepreneurs.

A noteworthy advantage of RAK Digital Assets Oasis is its strong emphasis on regulatory compliance. The free zone is dedicated to upholding the highest compliance standards and has developed a comprehensive regulatory framework to ensure that businesses operating within it fully comply with both local and international regulations. This commitment not only ensures that the business operates within legal boundaries but also contributes to building trust with your customers and stakeholders.

Currently, the UAE aims to take a leading role in fostering these emerging technologies and driving innovation in the digital landscape. To support Web3 and blockchain companies, they have established the new free zone; RAK DAO. With strategic initiative, along with the UAE’s strategic location, exceptional infrastructure, and a favorable business environment, RAK Digital Assets Oasis solidifies Ras Al Khaimah’s status as a premier hub for innovation. Furthermore, it emerges as an optimal choice for companies seeking to venture into the digital asset and cryptocurrency market.