Ruler of Ras Al Khaimah Launches RAK Digital Assets Oasis Conference 2024, Unveils New Legal Framework

RAS AL KHAIMAH: H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, inaugurated the RAK Digital Assets Oasis Conference 2024, emphasizing the importance of technological innovation for Ras Al Khaimah's status as a global center for blockchain and digital assets. The conference also introduced the DAO Association Regime (DARe), a legal framework designed to facilitate the secure and legal operation of Decentralized Autonomous Organizations (DAOs) in the UAE. According to Emirates News Agency, the event marked the one-year anniversary of RAK DAO's initiatives, highlighting its success in issuing nearly 400 licenses, partnering with over 40 regional and international entities, and signing several significant memoranda of understanding. The conference gathered global industry leaders, Web3 innovators, and prominent government officials under the patronage of H.H. Sheikh Saud. In his address, H.H. Sheikh Saud praised RAK DAO's leadership in blockchain innovation and aligned h is vision for the digital space with the UAE's strategy to be a key player in the global digital economy. He emphasized Ras Al Khaimah's role in the UAE's digital journey and the significance of RAK Digital Assets Oasis as the first free zone dedicated to digital and virtual assets. Held at the Al Hamra International Exhibition and Convention Center, the RAK DAO 2024 Conference featured panels and speeches from industry experts. Dr. Sameer Al Ansari, CEO of RAK DAO, announced the DARe framework, providing DAOs with legal clarity. The framework includes two models: the Startup DAO for organizations with fewer than 100 members and the Alpha DAO for mature entities with treasuries over $1 million. RAK DAO has established itself as a global hub for digital assets in the past year, forming partnerships with companies like Tether Edu, Tencent Cloud, and Avalanche. MoUs signed at the conference included agreements with Hadron Founders Club and Match Systems, and the launch of accelerators with D4 Innovation Lab an d XDC, highlighting expanding partnerships in the UAE. Key conference sessions explored regulation and innovation, focusing on the opportunities and challenges for Web3 companies within evolving legal frameworks. Discussions emphasized how the DAO framework can enhance the credibility of decentralized organizations globally. The conference and DARe launch underscore the UAE's position as a global hub for DAOs and digital assets.