Technology

Under the patronage of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, the RAK Digital Assets Oasis (RAK DAO) Conference 2024 has officially opened, bringing together digital asset industry leaders to unveil the UAE's latest milestone in blockchain regulation—the DAO Association Regime (DARe). This landmark legal framework empowers Decentralized Autonomous Organizations (DAOs) to operate legally and securely within the UAE, solidifying the region's position as a global blockchain hub.

In his keynote address, HH Sheikh Saud emphasized Ras Al Khaimah’s commitment to digital transformation, highlighting the UAE’s vision to lead in global digital economic development. “Ras Al Khaimah is playing its part in the UAE’s digital journey, with RAK Digital Assets Oasis standing as the world’s first free zone dedicated to digital and virtual assets. It embodies our commitment to innovation and our nation’s vision to be enablers and creators in this space,” he stated.

The event, held at the Al Hamra International Exhibition & Convention Center, marks RAK DAO’s first anniversary and showcases significant achievements. Over the past year, nearly 400 licenses have been issued, supported by partnerships with over 40 global industry leaders. The conference also included the signing of several key Memorandums of Understanding (MOUs) and witnessed participation from Web3 innovators, government officials, and digital asset experts.

Dr. Sameer Al Ansari, CEO of RAK DAO, announced the DARe framework, detailing its two operational models: the Startup DAO, tailored for new organizations with fewer than 100 members, and the Alpha DAO, designed for mature entities with treasuries exceeding $1 million. "DARe provides a clear, secure pathway for DAOs to operate in the UAE,” said Dr. Al Ansari. “It establishes the UAE as a global leader in decentralized governance, setting a standard for DAO operations."

RAK DAO has solidified itself as a hub for digital assets by forming strategic partnerships with global players like Tether Edu, Tencent Cloud, Ibanera, Avalanche, and essential service providers, including legal experts and banks. The MOUs signed at the conference include agreements with Hadron Founders Club and Match Systems, along with the launch of two accelerators with D4 Innovation Lab and XDC, illustrating RAK DAO’s expanding network in digital innovation.

Sessions at the conference explored the evolving regulatory landscape, providing insights into how DAOs can gain global credibility. The launch of DARe marks a defining moment for the UAE’s digital asset ecosystem, positioning the nation at the forefront of decentralized innovation.

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