Ras Al Khaimah Digital Assets Oasis FZ and DIFC Courts Sign Agreement

October 27, 2023by Editor0

RAK DAO Ras Al Khaima DAO Free Zone

In a strategic alignment of digital prowess, the Dubai International Financial Centre (DIFC) Courts have inked a pivotal agreement with Ras Al Khaimah Digital Assets Oasis (RAK DAO) on the 25th of October 2023. This collaboration signifies a paramount leap towards amplifying the digital landscape of the newly inaugurated RAK Digital Assets Oasis Free Zone.

About RAK Digital Oasis Freezone

Nestled within the visionary landscape of Ras al Khaimah, the RAK Digital Oasis Freezone stands as a testament to innovation, offering a haven for entrepreneurs and businesses seeking unparalleled opportunities in the digital realm. Conceived and meticulously crafted by the government of Ras al Khaimah, this freezone is a strategic oasis, liberating companies from conventional constraints, specifically in the vibrant sphere of virtual assets.

RAK DAO Freezone isn’t just a space; it’s a universe of opportunities. Tailored to cater to the diverse needs of companies and entrepreneurs, it welcomes pioneers of the metaverse, architects of blockchain marvels, creators of utility tokens, custodians of virtual asset wallets, crafters of NFT wonders, architects of DAOs, developers of DApps, and other trailblazers in the Web3 landscape.

This new freezone offers a wide range of benefits, including:

  • 100% foreign ownership
  • 100% repatriation of profits and capital
  • 0% corporate and personal income tax

These benefits, combined with the UAE’s strategic location, world-class infrastructure, and supportive business environment, make RAK DAO an ideal destination for companies looking to enter the digital asset and cryptocurrency market.

In the realm of digital assets and cryptocurrencies, stagnation is not an option. Innovation is the heartbeat of progress, and RAK DAO Freezone is where that heartbeat resonates. RAK DAO Freezone offers more than just physical space; it provides a nurturing environment where ideas flourish and ambitions take flight. Entrepreneurs, whether embarking on their maiden venture or seasoned players in the industry, find a home where their visions are encouraged and supported. In collaboration with premier universities and research centers, RAK DAO Freezone offers unparalleled access to advanced research and development facilities.

Beyond its corporate advantages, RAK DAO Freezone stands as a premier choice for individual investors eyeing digital assets and cryptocurrencies. Offering diverse investment avenues such as initial coin offerings (ICOs) and security token offerings (STOs), supported by their robust regulatory framework, RAK DSO assures investors full compliance with global standards and peace of mind.

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MOU between DIFC Courts and RAK Digital Oasis

The memorandum between DIFC Courts and RAK DSO signifies a dynamic collaboration amplifying the UAE’s digital economy vision. Through targeted initiatives, this partnership fosters closer alignment, propelling specific digital economy services provided by both organizations. Together, they drive the UAE’s economic ambitions to new heights.

At GITEX Global 2022, the DIFC Courts unveiled ‘tejouri,’ a cutting-edge global digital vault designed to streamline document storage and enhance data security. This innovative solution facilitates the secure storage of diverse files such as insurance contracts, title deeds, Wills, financial certificates, images, and multimedia files. ‘tejouri’ empowers individuals worldwide to transfer and store their digital data in one protected location, ensuring seamless accessibility and data protection.

Uploaded life admin files are safeguarded with top-tier security measures, employing multi-factor authentication, encrypted data, personalized biometric information, and secure ledgers through advanced cryptography. Utilizing Distributed Ledger Technology (DLT), the vault guarantees the seamless transmission of your entire portfolio to designated stakeholders or loved ones at crucial moments.

In 2021, DIFC Courts unveiled the International Digital Economy Court (DEC), streamlining intricate settlement procedures for civil and commercial disputes in the digital realm. DEC handles global claims involving cutting-edge technologies such as big data, blockchain, cryptocurrencies, artificial intelligence, and cloud services, simplifying the resolution process.

The DEC stands as a global initiative, operating in tandem with DIFC’s existing specialized Divisions like Technology & Construction and Arbitration. It forms a vital part of DIFC’s strategy, aligning with global demands for digital transformation. DIFC has assembled top-tier international experts, bolstering the Court’s digital capabilities. This launch underscores Dubai and the UAE’s commitment to lead in resolving digital economy disputes. DIFC Courts not just embracing cutting-edge technologies; they are leveraging them to enhance public service efficiency.

RAK DAO provides an unparalleled transparent legislative framework and nurtures a dynamic ecosystem, empowering companies to ideate, create, and prosper. It’s not just a free zone; it’s a catalyst for innovation, propelling advancements and unleashing the power of digital assets.

This hub aspires to be the global epicenter for digital asset innovation. Through strategic collaborations and international partnerships, it aims to elevate Ras Al Khaimah’s status, positioning it as a prime hub for innovation and bolstering its global competitiveness in the digital business landscape.

RAK DAO: A leap toward UAE’s digital future

In the fast-evolving landscape of digital innovation, the collaboration between DIFC Courts and RAK DAO signifies a monumental leap toward shaping the UAE’s digital future. Rooted in a vision of innovation, the RAK Digital Oasis Freezone stands as a testament to progressive governance and entrepreneurial spirit. Its meticulously designed environment not only liberates businesses from traditional constraints but also nurtures the very essence of creativity and ambition.

The partnership between DIFC Courts and RAK DAO is more than a memorandum; it’s a synergistic alliance driving specific digital economy services to unprecedented heights. This collaboration doesn’t merely echo the global demand for technological advancement; it amplifies it. With ‘tejouri,’ the DIFC Courts have ushered in an era of secure, accessible, and streamlined data management, setting new benchmarks in digital document storage.

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About ATB Legal

ATB Legal is a full-service legal consultancy in the UAE providing services in dispute resolution (DIFC Courts, ADGM Courts, mainland litigation management and Arbitrations), corporate and commercial matters, IP, business set up and UAE taxation. We also have a personal law department providing advice on marriage, divorce and wills & estate planning for expats. Please feel free to reach out to us at office@atblegal.com for a non-obligatory initial consultation.

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