This is Why UAE’s RAK DAO Is Key for Crypto Growth
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The United Arab Emirates (UAE) has introduced a structured legal framework for Decentralized Autonomous Organizations (DAOs) through the RAK Digital Assets Oasis (RAK DAO). This initiative highlights RAK DAO’s commitment to creating an environment where decentralized organizations can flourish. It marks a significant move to bolster the region’s position as a global hub for web3 innovation, with crypto-friendly policies enabling the course. UAE’s New DAO Law Empowers Crypto and Web3 It comes as RAK DAO, a UAE-based Free Zone dedicated to digital asset companies, launched its DAO Association Regime (“DARe”). The DARe framework is particularly noteworthy for its tailored approach, offering two distinct models: Startup DAO and Alpha DAO. The Startup DAO model caters to emerging projects, accommodating organizations with fewer than 100 members. It aims to simplify regulatory processes, allowing new ventures to focus on growth and development within a flexible legal environment. In contrast, the Alpha DAO model targets more mature DAOs with treasuries exceeding $1 million. Specifically, it provides them with the necessary support to scale their operations efficiently. Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide Dr. Sameer Al Ansari, CEO of RAK DAO, articulated the importance of this new regime. He also highlighted essential features such as the provision of a separate legal identity and limited liability for founders, contributors, and members. Similarly, Luc Froehlich, Chief Commercial Officer of RAK DAO, echoed Al Ansari’s sentiments. “The introduction of DARe represents a stepping stone in our journey towards building a global hub for the blockchain and digital assets ecosystem. By offering a structured legal framework, we enable DAOs to interact with the off-chain world, such as opening a bank account and owning both on- and off-chain assets. This legal wrapper will also allow DAOs to signal and raise their credibility amongst peers, members, and…
Filed under: News - @ October 22, 2024 7:18 pm