The importance of embracing technological innovation to secure Ras Al Khaimah’s position as a global hub for blockchain and digital assets was stressed at the RAK Digital Assets Oasis (RAK DAO) Conference 2024.

 

“In Ras Al Khaimah, we recognise the transformative power of digital assets and the unique economic growth they represent,” said His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, inaugurating the conference.

 

The conference also witnessed the unveiling of the highly anticipated DAO Association Regime (DARe) – a legal framework designed to empower Decentralised Autonomous Organisations (DAOs) to operate securely and legally in the UAE.  

 

Pioneering initiatives

The event, which marks RAK DAO’s anniversary of delivering pioneering initiatives, spotlighted the entity’s success in issuing almost 400 licences in under 12 months, its partnerships with over 40 regional and international leaders, and the signing of several landmark MoUs — while bringing together global industry leaders, Web3 innovators, and prominent government officials under the patronage of HH Sheikh Saud. 

 

HH Sheikh Saud praised RAK DAO’s efforts in leading blockchain innovation and highlighted how his vision for the digital space aligns with the UAE’s broader strategy of becoming a key player in the global digital economy.

 

“Ras Al Khaimah is playing its part in the UAE’s digital journey, and the creation of RAK Digital Assets Oasis, the world’s first free zone dedicated to digital and virtual assets, is a testament to our commitment to digital transformation. It embodies our nation’s vision to not only be the enablers but also the creators of innovation in this sphere,” said HH Sheikh Saud.

 

Transformative power of digital assets

“In Ras Al Khaimah, we recognise the transformative power of digital assets and the unique economic growth they represent. That is why we created RAK Digital Assets Oasis – a focal point for entrepreneurs, investors, and developers – and a space to come together and shape the future of this dynamic sector.” 

 

The RAK DAO 2024 Conference, held at the Al Hamra International Exhibition & Convention Centre, brought together industry experts and global leaders to share their perspectives on the future of blockchain technologies through a series of panel discussions and keynote speeches.

 

Dr Sameer Al Ansari, CEO of RAK DAO, announced the DAO Association Regime (DARe), a legal framework offering DAOs the clarity they need to operate securely within the UAE’s legal environment. This framework provides two distinct models: the Startup DAO for emerging organisations with fewer than 100 members and the Alpha DAO for more mature entities with treasuries exceeding $1 million.

 

“With the introduction of DARe, we are proud to lead the way in providing a secure, legally recognised environment for DAOs to thrive,” said Al Ansari. “This framework underscores the UAE’s commitment to embracing the future of decentralised governance, creating a globally recognised standard for DAO operations.”

 

Last year, RAK DAO has positioned itself as a global hub for digital assets, forging partnerships with Tether Edu, Tencent Cloud, Ibanera, Avalanche, and various L1 blockchains and essential service providers like banks and legal experts.

 

MoUs signed

Several Memorandums of Understanding (MOUs) were signed at the conference, further cementing RAK DAO’s collaborative efforts in the digital asset ecosystem. These MOUs included agreements with Hadron Founders Club, Match Systems, as well the launch of two accelerators, with D4 Innovation Lab and XDC, all showcasing the expanding partnerships driving innovation in the UAE.

 

Notable sessions focused on the intersection of regulation and innovation, exploring the opportunities and challenges that Web3 companies face within evolving legal frameworks. 

 

These discussions highlighted how the DAO framework can elevate the credibility of decentralised organisations on the global stage. This conference and the launch of DARe mark a pivotal moment for decentralised innovation, further establishing the UAE as a global hub for DAOs and digital assets.--TradeArabia News Service