Entrepreneurs in the free zone will have complete business ownership and freedom over tax rules and other regulations but must adhere to UAE's criminal laws
On October 19, His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, inaugurated the RAK Digital Assets Oasis (RAK DAO), a new economic free zone for the development of digital assets, Web3, and Artificial Intelligence (AI) companies.
The RAK DAO is set to support many entrepreneurs and businesses in the Web3 space. It is dedicated to digital and virtual asset service providers (VASPs) in emerging technologies such as the metaverse, blockchain, utility tokens, non-fungible tokens, decentralised autonomous organisations (DAOs), and other Web3-related businesses.