RAK DAO and Abu Dhabi Global Market Partner to Support Web3 Innovation in UAE
RAK DAO signed MOU with Abu Dhabi Global Market Courts to bring judicial services to Web3-related businesses.
The law-free zone dedicated to digital asset companies, RAK Digital Assets Oasis (RAK DAO), announced the signing of a Memorandum of Understanding with the international financial center, Abu Dhabi Global Market (ADGM). The collaboration aims to foster mutual support and cooperation between the two entities.
The partnership will focus on the collaboration between RAK DAO and ADGM Courts. In this regard, RAK DAO will have early access to the Web3 courts and technology developed by ADGM.
The parties also share a commitment to organize joint seminars, conferences, and outreach initiatives, designed to effectively inform stakeholders about the comprehensive services provided by both RAK DAO and ADGM.
“The advanced dispute resolution capabilities of ADGM provides the companies in our free zone with unparalleled access to legal support, ensuring a conducive and legally secure environment for Web3 innovation. This synergy creates a unique ecosystem where legal excellence meets technological innovation. ADGM Courts’ digital approach, as well as the ADGM Arbitration Centre’s “Mediation in the Metaverse” service, perfectly complement RAK DAO’s position”,said Dr. Sameer Al Ansari, chief executive officer of RAK DAO.
ADGM Courts have a strong reputation for transforming the delivery of judicial services, through the utilization of eCourts Platform and the introduction of blockchain technology for the global enforcement of commercial judgments.
Established in 2015, ADGM Courts offer services to the business community, digital economy, and entrepreneurs. Presently, ADGM stands as one of the largest fintech hubs in the MENA region.
RAK DAO Paves the Way for Web3 Innovation
Sheikh Saud bin Saqr Al Qasimi inaugurated RAK DAO earlier this year to support companies in the realm of emerging technologies, including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, decentralized autonomous organizations (DAOs), decentralized applications, and other Web3-related businesses.
RAK DAO is among the United Arab Emirates’ list of Web3-friendly free zones, offering entrepreneurs 100% ownership of their businesses along with individual tax schemes and regulatory frameworks, such as Abu Dhabi Global Market, Dubai Multi Commodities Centre, and Dubai International Financial Centre.
With the implementation of Sheikh Saud Law No 2 of 2023 in March, RAK DAO has achieved financial, administrative, and legislative independence. Since then, the entity has expanded its ecosystem by partnering with HBAR Foundation, local bank Rakbank, and Romanian AI firm Humans.ai.
The recent collaboration underscores the shared commitment of RAK DAO and ADGM to drive innovation, fostering cooperation and providing enhanced legal services to businesses and entrepreneurs. This joint effort contributes to the development of both the legal and digital ecosystems within the UAE.
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