The RAK Digital Assets Oasis (RAK DAO) Conference 2024 underscored the vital role of technological innovation in establishing Ras Al Khaimah as a global hub for blockchain and digital assets. His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, inaugurated the conference, emphasizing the transformative potential of digital assets and the economic growth they can generate.
A key highlight of the event was the introduction of the DAO Association Regime (DARe), a legal framework designed to enable Decentralised Autonomous Organisations (DAOs) to operate securely within the UAE.
The conference also celebrated RAK DAO’s anniversary, showcasing its success in issuing nearly 400 licenses in under a year, forging partnerships with over 40 regional and international leaders, and signing several significant MoUs. It brought together industry leaders, Web3 innovators, and notable government officials under the patronage of HH Sheikh Saud.
Sheikh Saud praised RAK DAO’s leadership in blockchain innovation and how it aligns with the UAE’s broader strategy to become a significant player in the global digital economy. “Ras Al Khaimah is contributing to the UAE’s digital journey, with the establishment of RAK Digital Assets Oasis—the world’s first free zone dedicated to digital and virtual assets—demonstrating our commitment to digital transformation,” he stated.
He further elaborated, “RAK Digital Assets Oasis serves as a focal point for entrepreneurs, investors, and developers, creating a collaborative environment to shape the future of this dynamic sector.”
Held at the Al Hamra International Exhibition & Convention Centre, the RAK DAO 2024 Conference featured industry experts and global leaders sharing insights on the future of blockchain technologies through various panel discussions and keynote speeches.
Dr. Sameer Al Ansari, CEO of RAK DAO, announced the DARe framework, offering DAOs clarity and security within the UAE’s legal landscape. This framework includes two distinct models: the Startup DAO, tailored for emerging organizations with fewer than 100 members, and the Alpha DAO, designed for established entities with treasuries exceeding $1 million.
“With the launch of DARe, we aim to provide a secure, legally recognized environment for DAOs to flourish,” said Al Ansari. “This framework highlights the UAE’s commitment to embracing the future of decentralized governance and sets a global standard for DAO operations.”
Last year, RAK DAO solidified its status as a global hub for digital assets by partnering with notable organizations like Tether Edu, Tencent Cloud, Ibanera, Avalanche, and various Level 1 blockchains, as well as essential service providers, including banks and legal experts.
The conference also saw the signing of several Memorandums of Understanding (MoUs), further strengthening RAK DAO’s collaborative efforts within the digital asset ecosystem. These agreements included partnerships with Hadron Founders Club and Match Systems, as well as the launch of two accelerators in collaboration with D4 Innovation Lab and XDC, all demonstrating the growing partnerships driving innovation in the UAE.
Notable sessions at the conference focused on the relationship between regulation and innovation, discussing the opportunities and challenges faced by Web3 companies within evolving legal frameworks. These discussions emphasized how the DAO framework can enhance the credibility of decentralized organizations on a global scale. The conference and the launch of DARe mark a significant milestone for decentralized innovation, further positioning the UAE as a global leader in DAOs and digital assets.
