RAK Digital Assets Oasis Conference 2024 Highlights Blockchain's Role In Ras Al Khaimah's Economy
H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, inaugurated the RAK Digital Assets Oasis (RAK DAO) Conference 2024. His keynote address stressed the importance of technological innovation for Ras Al Khaimah to become a global blockchain hub. The event also introduced the DAO Association Regime (DARe), a legal framework enabling Decentralized Autonomous Organizations (DAOs) to operate securely in the UAE.
The conference celebrated RAK DAO's first anniversary, highlighting its achievements in issuing nearly 400 licences within a year and forming partnerships with over 40 regional and international leaders. Several landmark memoranda of understanding (MoUs) were signed at the event, which gathered global industry leaders, Web3 innovators, and government officials under H.H. Sheikh Saud's patronage.
In his speech, H.H. Sheikh Saud commended RAK DAO's leadership in blockchain innovation. He noted that his vision aligns with the UAE’s strategy to be a key player in the digital economy. "Ras Al Khaimah is playing its part in the UAE’s digital journey," he stated, emphasizing the creation of RAK Digital Assets Oasis as a commitment to digital transformation.
He further remarked on Ras Al Khaimah's role in recognising digital assets' transformative potential for economic growth. "That is why we created RAK Digital Assets Oasis – a focal point for entrepreneurs, investors, and developers," he added, highlighting its significance as a space for shaping this sector's future.
The conference featured discussions on blockchain technologies' future through panels and speeches at Al Hamra International Exhibition & Convention Center. Dr. Sameer Al Ansari, CEO of RAK DAO, unveiled DARe—a legal framework providing clarity for DAOs operating within UAE law. It offers two models: Startup DAO for organisations with fewer than 100 members and Alpha DAO for entities with treasuries over $1 million.
Dr. Sameer Al Ansari stated, "With the introduction of DARe, we are proud to lead the way in providing a secure, legally recognized environment for DAOs to thrive." He emphasized that this framework underscores the UAE’s commitment to decentralized governance and sets a global standard for DAO operations.
Expanding Partnerships
Over the past year, RAK DAO has established itself as a global digital asset hub by partnering with Tether Edu, Tencent Cloud, Ibanera, Avalanche, L1 blockchains, banks, and legal experts. Several MoUs were signed at the conference with Hadron Founders Club and Match Systems. Additionally, two accelerators were launched with D4 Innovation Lab and XDC to drive innovation in the UAE.
The sessions focused on regulation and innovation intersections explored Web3 companies' opportunities and challenges within evolving legal frameworks. Discussions highlighted how the DAO framework can enhance decentralised organisations' credibility globally.
This conference and DARe's launch mark significant progress for decentralised innovation in establishing the UAE as a global hub for DAOs and digital assets.
With inputs from WAM
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