The UAE strengthens its Web3 and crypto hub status with the launch of RAK DAO’s DARe, promoting a supportive environment for DAOs.
With the recent launch of RAK DAO’s DAO Association Regime (DARe), the UAE has become an even more important place for Web3 and crypto innovation around the world. This project shows that the country is serious about creating a safe space for decentralized organizations to grow, with laws that support them.
As CNF recently reported, the UAE has seen a rise in Bitcoin and DigiToads buyers because the country is open to cryptocurrencies. This DARe framework, which was made public by RAK DAO, is designed to help decentralized autonomous organizations (DAOs) at different times.
The Startup DAO approach helps groups with fewer than 100 members by making the rules easier to understand so that the group can focus on growing.
The Alpha DAO plan, on the other hand, is for more established DAOs with treasuries of at least $1 million and helps them grow their operations. Dr. Sameer Al Ansari, CEO of RAK DAO, stressed that,
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 investors.
Chief Commercial Officer Luc Froehlich talked about how DARe lets DAOs interact with the real world, like opening bank accounts and holding assets, which makes them more trustworthy to investors and other DAOs.
UAE’s Favorable Regulatory Climate vs. Italy’s Restrictive Approach
As interest in digital assets grows around the world, the UAE’s DARe system makes the country a top choice for crypto-related businesses. Dubai’s Virtual Asset Regulatory Authority (VARA) has also recently made changes to the law that make it easier to regulate virtual assets.
These steps show that the UAE wants to strengthen its position as a world leader in developing blockchain and digital assets.
Another thing that CNF brought up is that Standard Chartered has started offering Bitcoin storage services in the UAE. CoinMarketCap shows that Bitcoin (BTC) is selling at $66,937.75 right now. It has lost 0.56% in value in the last day and 0.29% in value over the last week.
