tl;dr
The United Arab Emirates (UAE) has implemented a legal framework for Decentralized Autonomous Organizations (DAOs) through the RAK Digital Assets Oasis (RAK DAO). This move aims to position the UAE as a global hub for web3 innovation, with crypto-friendly policies supporting this initiative. The RAK...
The United Arab Emirates (UAE) has implemented a legal framework for Decentralized Autonomous Organizations (DAOs) through the RAK Digital Assets Oasis (RAK DAO). This move aims to position the UAE as a global hub for web3 innovation, with crypto-friendly policies supporting this initiative.
The RAK DAO has introduced the DAO Association Regime (DARe) framework, consisting of two models: Startup DAO and Alpha DAO, to facilitate regulatory processes for emerging and mature projects. The CEO of RAK DAO emphasized the significance of this regime in providing legal identity and liability protection for founders and members, while the Chief Commercial Officer highlighted its role in fostering the blockchain ecosystem.
The UAE's proactive regulatory environment, as contrasted with Italy's tax-focused approach, underscores its commitment to attracting and nurturing blockchain ventures. Additionally, recent legal changes by Dubai's Virtual Asset Regulatory Authority further demonstrate the UAE's dedication to becoming a global leader in blockchain innovation.
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. 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.
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.
As the global space for digital assets continues to grow, the DARe framework positions the UAE as a leading destination for crypto-related ventures. The regulatory clarity and support provided through DARe could attract startups. Nevertheless, it would also set a new benchmark for other jurisdictions around the world.
Comparatively, while the UAE is advancing its regulatory frameworks to encourage Web3 and digital asset innovation, Italy has recently made headlines for its capital gains tax on cryptocurrencies, which could deter investment in this growing sector. Italy’s approach, focusing on taxation rather than fostering innovation, contrasts sharply with the UAE’s proactive stance in establishing supportive regulatory frameworks.
Moreover, recent legal changes from Dubai’s Virtual Asset Regulatory Authority (VARA) highlight the UAE’s focus on creating a favorable regulatory environment for virtual assets. These changes are poised to enhance operational frameworks for digital asset companies, further cementing the UAE’s commitment to becoming a global leader in blockchain innovation.
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