The UAE launches a free trade zone RAK DAO for digital and virtual asset companies

ChainCatcher news, Ras Al Khaimah in the United Arab Emirates (UAE) has launched a free trade zone for digital and virtual asset companies, The RAK Digital Assets Oasis (RAK DAO), which will open for applications in the second quarter of 2023.

It is reported that RAK DAO will focus on service providers of digital and virtual assets in emerging technologies, such as the metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApps, and other Web3-related businesses. Entrepreneurs will have 100% ownership of their businesses and their own tax plans and regulatory frameworks, except for UAE criminal law. (Cointelegraph)