The UAE's Ras Al Khaimah launches a regulatory framework for free trade zone DAO

2024-10-22 21:23:55

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ChainCatcher news, according to CoinDesk, the Ras Al Khaimah (RAK) in the UAE announced on Tuesday the launch of a regulatory framework for decentralized autonomous organizations (DAOs) in its digital asset free trade zone.

The framework, named "DAO Association System" (DARe), is designed to provide a structured legal framework specifically for DAOs. Dr. Sameer Al Ansari, CEO of RAK DAO, stated that the system will offer tax optimization and legal clarity for DAOs.

Luc Froehlich, Chief Business Officer of RAK DAO, mentioned that the launch of DARe is an important step in establishing the region as a global hub for blockchain and digital asset ecosystems. The framework will enable DAOs to interact with the off-chain world, such as opening bank accounts and owning on-chain and off-chain assets.

It is noteworthy that the framework offers two models: one for emerging projects with fewer than 100 members, and another for mature DAOs with funding exceeding $1 million. The system will be implemented within the RAK Digital Assets Oasis free trade zone.

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