The RAK Digital Assets Oasis Conference 2024, under HH Sheikh Saud bin Saqr Al Qasimi’s patronage, unveiled the DAO Association Regime (DARe), offering legal clarity for DAOs. Marking its first anniversary, RAK DAO announced partnerships, launched accelerators, and highlighted its success in issuing 400+ licenses. RAK DAO reinforces the UAE’s leadership in blockchain and digital asset innovation.
Under the patronage of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, the UAE’s digital transformation journey took a significant leap forward with the RAK Digital Assets Oasis (RAK DAO) Conference 2024. The event served as a platform for unveiling the DAO Association Regime (DARe), a pioneering legal framework aimed at empowering Decentralised Autonomous Organizations (DAOs) within a secure and transparent legislative environment.
The conference, hosted at the Al Hamra International Exhibition & Convention Center, marked RAK DAO’s one-year anniversary. It brought together global leaders, Web3 innovators, government officials, and industry experts to explore blockchain technologies and their role in shaping the global digital economy.
A vision for digital innovation
In his keynote address, His Highness Sheikh Saud bin Saqr Al Qasimi emphasized the importance of embracing technological advancements. “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.
He further highlighted RAK DAO’s achievements over the past year, including issuing nearly 400 licences and forging partnerships with over 40 regional and international organisations. “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.”
Unveiling the DAO Association Regime (DARe)
A highlight of the conference was the announcement of the DAO Association Regime (DARe) by Dr. Sameer Al Ansari, CEO of RAK DAO. Designed to provide legal clarity and operational security, DARe introduces two distinct DAO models: the Startup DAO, catering to emerging organisations with fewer than 100 members, and the Alpha DAO, tailored for 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 Dr. Al Ansari. “This framework underscores the UAE’s commitment to embracing the future of decentralised governance, creating a globally recognised standard for DAO operations.”
Collaborations and landmark agreements
The event witnessed the signing of several landmark Memorandums of Understanding (MOUs), including partnerships with organisations such as Hadron Founders Club and Match Systems. These agreements reflect RAK DAO’s commitment to fostering a collaborative ecosystem for digital asset innovation.
Additionally, two accelerators were officially launched in collaboration with D4 Innovation Lab and XDC, further establishing RAK as a hub for nurturing cutting-edge blockchain technologies.
Panel discussions and keynote sessions at the conference delved into the evolving legal frameworks governing Web3 technologies. Industry leaders explored the opportunities and challenges faced by decentralised organisations, emphasising how the DAO framework can enhance credibility and secure global recognition for decentralised innovation.
RAK DAO has rapidly positioned itself as a leader in the digital asset sector. Over the past year, it has partnered with renowned organisations such as Tether Edu, Tencent Cloud, Ibanera, and Avalanche, along with essential service providers like banks and legal experts. These collaborations underscore RAK DAO’s role in shaping the future of blockchain and digital asset innovation.
About RAK Digital Assets Oasis (RAK DAO)
RAK Digital Assets Oasis (RAK DAO) is the world’s first common law free zone dedicated to supporting virtual asset companies. Situated in Ras Al Khaimah, UAE, RAK DAO offers a robust legislative framework that simplifies the process of establishing and operating blockchain and digital asset businesses. By fostering a vibrant ecosystem, RAK DAO propels innovation and unlocks the economic potential of digital assets.
About Ras Al Khaimah
Ras Al Khaimah, the northernmost Emirate of the UAE, boasts a rich 7,000-year history and is home to diverse landscapes and UNESCO-listed archaeological sites. Known for attractions such as Jebel Jais – the UAE’s highest mountain – the Emirate offers a business-friendly environment, year-round sunshine, and an affordable cost of living. RAK has maintained A-range ratings from Fitch and Standard & Poor’s for over 15 years, further solidifying its reputation as an ideal hub for innovation and commerce.
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