Ras Al Khaimah Digital Assets Oasis (RAK DAO), a free zone created for virtual asset companies, has attracted close to 400 companies in a year and is aiming to play a big role in the gaming industry.
“In 12 months, we welcomed just shy of 400 companies, issuing licenses to a diverse range of businesses in all the segments. Ras Al Khaimah Digital Assets Oasis is a global platform for the most exciting technology segments of our lifetime – artificial intelligence (AI), metaverse, blockchain, Web3, and many others shaping our future and of our children,” said Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis.
During the RAK DAO conference, Dr Al Ansari highlighted the immense size of the gaming industry, which surpasses both the music and movie industries combined. “We believe Ras Al Khaimah can play a big part in the development and growth of the gaming industry,” Al Ansari said while speaking during the conference hosted by the free zone on Friday.
He added: “We’ve also created a thriving ecosystem that has forged partnerships with key players in the industry. This further highlights Ras Al Khaimah’s growing reputation as a hub for digital innovation in the UAE, which is now ranked third in global crypto adoption. That is a lot of progress in the last five years.”
At the conference, RAK DAO also introduced the DAO Association Regime, a legal framework tailored to support decentralised autonomous organisations (DAOs)
“DAOs represent a significant shift in governance, driven by smart contracts and decentralised decision-making. They are projected to grow by over 20 per cent annually in the coming years. But with decentralisation comes significant challenges, especially when it comes to interacting with the off-chain world,” explained Al An Sari.
He added, “The regime addresses these challenges. It offers DAOs a comprehensive framework that provides legal identity and limited liability for their members. This ensures that participants are not personally liable for the organisation’s activities.”
Describing this initiative as a game changer for the Web3 landscape, the free zone introduced two new modules: Startup DAOs, aimed at emerging projects with less than 100 members, and Alpha DAOs, designed for more established DAOs with treasuries exceeding $1 million, allowing them to scale within a robust legal framework.
“DAOs are becoming essential to the Web3 ecosystem. Today, there are over 50,000 DAOs with treasuries exceeding $25 billion. This reflects the growing trust and reliance on decentralised governance. However, without legal recognition, many DAOs face barriers to interacting with the traditional financial systems,” he said, adding that now DAOs can open bank accounts and raise capital among other activities with greater privilege.
“By introducing RAK DAOs, the UAE sets the global standard for how decentralized organizations can operate within the legal framework. This initiative supports not only the most digital assets here but also serves as the blueprint for other jurisdictions that are still grappling with how to regulate DAOs. Looking ahead, DAOs will play an increasingly integral role in the sectors beyond finance and technology,” added Al Ansari.
