Ras Al Khaimah, one of the seven territories of the United Arab Emirates, officially launched the RAK DAO, a dedicated free zone for digital and virtual assets.
Ras Al Khaimah, known for its rich cultural sites, is turning to the virtual assets sector to diversify its economy away from traditional avenues such as tourism.Ras Al Khaimah ruler Sheikh Saud bin Saqr Al Qasimi inaugurated the new RAK Digital Assets Oasis , an economic free zone dedicated to supporting companies involved in digital and virtual assets, blockchain, Web3, and artificial intelligence , on Oct. 19.
“When we embarked on this… journey, our vision was to create a hub where digital assets could thrive, innovation could flourish, and groundbreaking ideas could come to light,” Sheikh Saud said in his opening remarks. “We wanted to provide a platform to foster its growth and success. He added: A memorandum of understanding was also signed between the Securities and Commodities Authority CEO Maryam Buti Al Suwaidi and RAK DAO chief executive Sameer Al Ansari.Ras Al Khaimah, known for its rich cultural sites, is turning to the virtual assets sector to diversify its economy away from traditional avenues such as tourism. However, the new free zone has entered a space where more popular technology hubs in Abu Dhabi and Dubai are already attracting global crypto firms.
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