A new free zone for digital assets, Web3, and AI is launched by the UAE emirate.
In a bid to diversify its economy beyond traditional sectors like tourism, Ras Al Khaimah, celebrated for its cultural treasures, is turning its attention to the digital asset industry. On October 19th, Ras Al Khaimah’s ruler, Sheikh Mohammed bin Saud bin Saqr Al Qasimi, inaugurated the RAK Digital Assets Oasis (RAK DAO), a novel economic free zone designed to bolster businesses involved in digital and virtual assets, blockchain, Web3, and artificial intelligence (AI). As previously reported by Cointelegraph, this free zone will serve as a haven for digital and virtual asset service providers operating in emerging technologies such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens, decentralized autonomous organizations (DAOs), decentralized applications, and other Web3-related enterprises. RAK DAO, in collaboration with its ecosystem partners, will also administer grant programs and provide specialized support in various technology, marke...