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UAE’s Ras Al Khaimah Introduces RAK DAO for Digital and Virtual Assets

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On February 28, Ras Al Khaimah of the United Arab Emirates (UAE) launched the free trade zone The RAK Digital Assets Oasis (RAK DAO) for digital and virtual as…

UAEs Ras Al Khaimah Introduces RAK DAO for Digital and Virtual Assets

On February 28, Ras Al Khaimah of the United Arab Emirates (UAE) launched the free trade zone The RAK Digital Assets Oasis (RAK DAO) for digital and virtual assets companies, which will open applications in the second quarter of 2023.

UAE launched free trade zone RAK DAO for digital and virtual asset companies

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The Ras Al Khaimah of the United Arab Emirates has recently launched a free trade zone, RAK Digital Assets Oasis (RAK DAO) which is designed mainly for companies that specialize in digital and virtual assets. According to reports, the free zone will begin accepting applications in the second quarter of 2023.

The creation of RAK DAO, which is expected to become a hub for digital and virtual assets, is a big step forward for the Emirati government’s efforts in positioning the country as a center for global innovation and digital technology. To achieve this feat, the UAE government has embarked on a mission to create a business-friendly environment that will attract tech entrepreneurs and digital innovators from all over the world.

The launch of RAK DAO, according to Fahad Alattar, CEO of RAK Department of Economic Development (RAKDED), is part of the government’s vision to keep pace with the evolving business world and create more economic value in the process. The CEO also disclosed that the free zone would be equipped with state-of-the-art infrastructure and support services to ensure that businesses operating within its premises enjoy a seamless and thriving atmosphere.

This move is a big boost for the digital and virtual assets industry, especially as more companies are venturing into the blockchain space. By creating an environment that caters to them, RAK DAO aims to attract businesses from this industry and help them grow. This will not only contribute to the development of the UAE’s blockchain ecosystem but also provide more job opportunities for its citizens.

In conclusion, the launch of RAK DAO is an excellent move towards digitization and innovation for the UAE government. By creating a hub for digital and virtual assets, the free zone is expected to drive economic growth and provide more job opportunities for its citizens. It will also attract businesses and entrepreneurs from the blockchain industry, which will contribute to the already evolving blockchain landscape in the UAE.

keywords: RAK DAO, free trade zone, digital and virtual assets.

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