28 October, 2023

RAK Digital Assets Oasis : Web 3.0 and Crypto Licenses

rak dao digital oasis

What is RAK Digital Assets Oasis?

RAK Digital Assets Oasis is a cutting-edge blockchain and cryptocurrency initiative launched by the Ras Al Khaimah  in the United Arab Emirates. This ambitious project aims to create a robust ecosystem for digital assets, fostering innovation and economic growth. RAK Digital Assets Oasis offers a secure and regulated environment for blockchain-based businesses and cryptocurrency activities, positioning itself as a hub for financial technology innovation. It underscores the growing interest of governments and industries in embracing blockchain and digital assets, seeking to harness their potential for economic development and diversification.

Ecosystem for Digital and Virtual Asset Companies

An ecosystem for Digital and Virtual Asset Companies represents a dynamic and interconnected environment designed to nurture businesses involved in digital and virtual assets. This ecosystem encompasses a wide range of components, including regulatory frameworks, technology infrastructure, financial services, and community engagement.

Key features often include secure blockchain platforms, streamlined regulatory procedures, and investor-friendly policies. These elements foster innovation, entrepreneurship, and economic growth. By providing a structured framework for digital and virtual asset companies, the ecosystem offers a level of trust and reliability that is essential in the rapidly evolving world of cryptocurrencies and blockchain technology.

Furthermore, these ecosystems aim to encourage responsible innovation while safeguarding against potential risks, such as fraud and financial instability. Ultimately, they play a crucial role in shaping the future of finance, making it accessible, secure, and efficient for businesses and individuals alike.

Type of Businesses Licences in Rak Dao

In RAK DAO, a forward-thinking hub for digital and virtual asset businesses, a variety of licenses are available to accommodate the diverse needs and activities of enterprises in this innovative space. These licenses are instrumental in fostering economic diversity, technological advancement, and regulatory clarity. Here are some key types:

1. Blockchain and Cryptocurrency License: This license is intended for companies deeply engaged in blockchain technology, cryptocurrency trading, and other related activities, ensuring they operate within the legal framework and meet regulatory standards.

2. Digital Asset Exchange License: Tailored for businesses functioning as digital asset exchanges, permitting them to facilitate the buying and selling of cryptocurrencies while adhering to compliance requirements.

3. Virtual Asset Service Provider (VASP) License: Designed for entities providing services like cryptocurrency wallets, custodianship, and token issuance, aligning with the global regulatory landscape.

4. Technology Service Provider License: Ideal for firms offering tech solutions, including smart contract development, blockchain consulting, and software development in the digital asset domain.

5. Financial Services License: Geared towards businesses providing financial advisory, payment processing, and other financial services within the digital asset sector, ensuring a robust, compliant, and secure financial environment.

List of RAK DAO Business Activity

DAO
CODE
Activity Group RAK DAO Business Activity Premium External
Approval
S-001 Accounting Accounting & Bookkeeping No No
S-002 Accounting Taxation Procedures Follow-up No Yes
S-003 Accounting Billing services Provider No No
S-004 Accounting Tax Reclaim Services No No
S-005 Artificial Intelligence Innovation & Artificial Intelligence Research & Consultancies Yes No
S-006 Artificial Intelligence Artificial Intelligence Yes No
S-007 Artificial Intelligence Coding No No
S-008 Artificial Intelligence Innovation Startup No No
S-009 Blockchain Development, DLT services & Software Software Development Services No No
S-010 Blockchain Development, DLT services & Software Cybersecurity and Technology Audit Services of Software Code No No
S-011 Blockchain Development, DLT services & Software Software House No No
S-012 Blockchain Development, DLT services & Software Digital Bridge Services No No
S-013 Blockchain Development, DLT services & Software Digital Platforms & Services No No
S-014 Blockchain Development, DLT services & Software Node Operator No No
S-015 Blockchain Development, DLT services & Software Digital Analytics Services No No
S-016 Blockchain Development, DLT services & Software Blockchain Oracle No No
S-017 Blockchain Development, DLT services & Software Web3 Services No No
S-018 Blockchain Development, DLT services & Software Distributed Ledger Technology Services No No
S-019 Computer Systems and Network Consultancies Computer Systems Consultancies No No
S-020 Computer Systems and Network Consultancies Network Consultancies No No
S-021 Computer Systems and Network Consultancies Information Technology Consultants No No
S-022 Computer Systems and Network Consultancies Internet Consultancy No No
S-023 Computer Systems and Network Consultancies IT Infrastructure No No
S-024 Computer Systems and Network Consultancies Public Networking Services No No
S-025 Computer Systems and Network Consultancies Computer System Housing Services No No
S-026 Computer Systems and Network Consultancies Internet Services No No
S-027 Computer Systems and Network Consultancies Computer Systems & Communication Equipment Software Design No No
S-028 Computer Systems and Network Consultancies Information Technology Network Services No No
S-029 Computer Systems and Network Consultancies Other information technology and computer service activities No No
S-030 Computer Systems and Network Consultancies Computer disaster recovery No No
S-031 Computer Systems and Network Consultancies IT security management No No
S-032 Computer Systems and Network Consultancies Security systems consultancy No No
S-033 Computer Systems and Network Consultancies Provision of infrastructure for hosting, data processing services and related
activities
No No
S-034 Computer Systems and Network Consultancies General time-share provision of mainframe facilities to clients No No
S-035 Computer Systems and Network Consultancies Cloud Service & Data centers Providers No No
S-036 Computer Systems and Network Consultancies Data center Colocation Services No No
S-037 Consulting and Management Services Corporate Services Provider (CSP) No No
S-038 Consulting and Management Services Management Consultancies No No
S-039 Consulting and Management Services Strategy advisory services No No
S-040 Consulting and Management Services Digital content management No No
S-041 Consulting and Management Services Project management services No No
S-042 Consulting and Management Services Logistics consultancy No No
S-043 Consulting and Management Services Public Relations Management No No
S-044 Consulting and Management Services Feasibility Studies Consultancies No No
S-045 Consulting and Management Services Facilities Resources Planning Consultancy No No
S-046 Consulting and Management Services Project Development Consultant No No
S-047 Consulting and Management Services Cost Control & Risk Management Services No No
S-048 Customer Support Services Customer Care Center No No
S-049 Customer Support Services Call Centers Services No No
S-050 Cybersecurity and Cyber Risk Management Cyber Security Consultancy No No
S-051 Cybersecurity and Cyber Risk Management Cyber Risk Management Services No No
S-052 Cybersecurity and Cyber Risk Management Cyber Security Architecture No No
S-053 Cybersecurity and Cyber Risk Management Auditing, Reviewing &Testing Cyber Risks No No
S-054 Cybersecurity and Cyber Risk Management Managed Cyber Security Services Provider No No
S-055 DAO DAO Services No No
S-056 Design and Creative Services Web-Design No No
S-057 Design and Creative Services Computer Graphic Design Services No No
S-058 Design and Creative Services Concept & design consultancy No No
S-059 Digital Assets Mining Proprietary Mining of Cryptocurrencies No No
S-060 Digital Assets Mining Mining Equipment manufacturing Yes No
S-061 Digital Assets Mining Mining Equipment trading No No
S-062 Digital Assets Mining Mining Facility Operator No No
S-063 Digital Creator Marketplace Services Tech Provider/Enabler No No
S-064 Education and Training Education & Training Computer Software No Yes
S-065 Education and Training Educational Technologies Research & Development No Yes
S-066 Education and Training Computer training No Yes
S-067 Education and Training Professional & Management Development Training No Yes
S-068 Education and Training Provision of non-instructional services that support educational processes or
systems
No No
S-069 Education and Training Training consultancy No No
S-070 Education and Training Education consultancy No No

 

Benefits of RAK DAO Company Setup

The benefits of setting up a company within the RAK DAO ecosystem are manifold and reflect its strategic advantages.

1.Regulatory Clarity: RAK DAO offers a clear and well-defined regulatory framework for digital and virtual asset businesses, promoting legal compliance and investor confidence.

2. Diverse Licensing Options: Businesses can choose from a range of licenses tailored to their specific activities, ensuring they operate within the appropriate legal framework while enjoying flexibility.

3. Global Connectivity: Located in the UAE, RAK DAO provides access to a globally connected financial hub, facilitating international partnerships and expansion opportunities.

4. Technological Innovation: The ecosystem fosters technological advancement, with a focus on blockchain and digital asset-related enterprises, making it an ideal environment for tech-driven companies.

5. Financial Services: RAK DAO offers support for financial institutions and service providers in the digital asset space, facilitating access to a wide array of financial services.

6. Economic Diversification: By embracing this ecosystem, businesses contribute to the economic diversification of the region, supporting sustainable growth.

7. Investor Confidence: The regulatory adherence, transparency, and security measures enhance investor confidence, attracting funding and partnerships.

 

Types of Company Registration in RAK DAO

In RAK DAO, the process of company registration offers diverse options to accommodate various business models and objectives. These types of company registration are thoughtfully designed to meet the needs of a wide spectrum of entrepreneurs and enterprises:

1. Blockchain and Cryptocurrency Companies: Tailored for firms heavily involved in blockchain technology, cryptocurrency trading, and related activities, ensuring compliance with industry-specific regulations.

2. Digital Asset Exchanges: This registration type is ideal for businesses engaged in facilitating the buying and selling of cryptocurrencies, with a focus on security, transparency, and legal adherence.

3. Virtual Asset Service Providers (VASPs): Companies providing services like cryptocurrency wallet solutions, custodianship, and token issuance can register as VASPs to operate within the defined legal framework.

4. Technology Service Providers: Firms offering tech solutions, including smart contract development, blockchain consulting, and software development, can register to showcase their technological prowess.

5. Financial Services Providers: Registration for companies providing financial advisory services, payment processing, and other financial services in the digital 

 

Documents Required for Business Setup in RAK DAO

Setting up a business in RAK DAO entails a systematic process that requires specific documentation to ensure regulatory compliance and a seamless registration process. The essential documents for business setup typically include:

1.Application Form: A completed application form with detailed business information.

2. Proof of Identity: Valid passports and UAE residency permits for all shareholders and directors.

3. Business Plan: A comprehensive business plan outlining the nature of your venture, its objectives, and financial projections.

4. Company Memorandum and Articles of Association: A drafted document defining the company’s internal regulations and operational guidelines.

5. Proof of Address: Evidence of the physical business address, such as a lease agreement or utility bill.

6. Bank Reference Letter: A letter from a bank affirming your financial standing and history.

7. No Objection Certificate (NOC): If applicable, an NOC from existing sponsors or partners.

8. Corporate Documents: For corporate shareholders, documents like the certificate of incorporation, board resolution, and certificate of good standing may be necessary.

9. License Application Form: Specific license application forms corresponding to your business type.

 

List of RAK DAO Freelance Business Activity 

DAO CODE Activity group RAK DAO Business Activity External Approval
F-001 Artificial Intelligence Artificial Intelligence No
F-002 Artificial Intelligence Coding No
F-003 Blockchain Development, DLT services & Software Software Development Services No
F-004 Blockchain Development, DLT services & Software Cybersecurity and Technology Audit Services of Software Code No
F-005 Blockchain Development, DLT services & Software Digital Analytics Services No
F-006 Computer Systems and Network Consultancies Computer Systems Consultancies No
F-007 Computer Systems and Network Consultancies Network Consultancies No
F-008 Computer Systems and Network Consultancies Information Technology Consultants No
F-009 Computer Systems and Network Consultancies Internet Consultancy No
F-010 Computer Systems and Network Consultancies IT Infrastructure No
F-011 Cybersecurity and Cyber Risk Management Cyber Security Consultancy No
F-012 Cybersecurity and Cyber Risk Management Cyber Risk Management Services No
F-013 Design and Creative Services Web-Design No
F-014 Design and Creative Services Computer Graphic Design Services No
F-015 Digital Creator Marketplace Services Tech Provider/Enabler No
F-016 Gaming, eGaming & GameFi Gaming Content Production No
F-017 Gaming, eGaming & GameFi Gaming Development Services No
F-018 Gaming, eGaming & GameFi Gaming Localization Services No
F-019 Gaming, eGaming & GameFi Gaming Consultancy Services No
F-020 Information service activities Data processing activities No
F-021 Information service activities Data Classification & Analysis Services No
F-022 Information service activities Information search No
F-023 Miscellaneous Blogging Services No
F-024 Miscellaneous Legal Translation Yes
F-025 Miscellaneous Lifestyle Coaching No
F-026 Data Entry Services Data Entry Services No
F-027 Programming and Software Development Electronic Chips Programming No
F-028 Social Digital Engagement Platforms No
F-029 Social Media and Marketing Social Media Applications Development & Management No
F-030 Web3 Consultancy & Services Consulting Services No
F-031 Web3 Consultancy & Services Legal Services Yes
F-032 Web3 Consultancy & Services Accounting Services No
F-033 Web3 Consultancy & Services Audit Services Yes
F-034 Web3 Consultancy & Services Digital Media Channel Services No
F-035 Web3 Consultancy & Services PR and Marketing Services No
F-036 Web3 Consultancy & Services Events Management No
F-037 Artificial Intelligence AI Data collection No
F-038 Artificial Intelligence AI Data analysis No
F-039 Artificial Intelligence AI Data visualization No

 

List of Remote RAK DAO Business Activity

CODE Activity Group RAK DAO Business Activity Premium External Approval
R-1 Blockchain Development, DLT services & Software Software Development Services No No
R-2 Blockchain Development, DLT services & Software Cybersecurity and Technology Audit Services of Software Code No No
R-3 Blockchain Development, DLT services & Software Software House No No
R-4 Blockchain Development, DLT services & Software Digital Bridge Services No No
R-5 Blockchain Development, DLT services & Software Digital Platforms & Services No No
R-6 Blockchain Development, DLT services & Software Node Operator No No
R-7 Blockchain Development, DLT services & Software Digital Analytics Services No No
R-8 Blockchain Development, DLT services & Software Blockchain Oracle No No
R-9 Blockchain Development, DLT services & Software Web3 Services No No
R-1 Blockchain Development, DLT services & Software Distributed Ledger Technology Services No No
R-11 Computer Systems and Network Consultancies Computer Systems Consultancies No No
R-12 Computer Systems and Network Consultancies Network Consultancies No No
R-13 Computer Systems and Network Consultancies Information Technology Consultants No No
R-14 Computer Systems and Network Consultancies Internet Consultancy No No
R-15 Computer Systems and Network Consultancies IT Infrastructure No No
R-16 Computer Systems and Network Consultancies Public Networking Services No No
R-17 Computer Systems and Network Consultancies Computer Systems & Communication Equipment Software Design No No
R-18 Computer Systems and Network Consultancies Other information technology and computer service activities No No
R-19 Consulting and Management Services Strategy advisory services No No
R-2 Consulting and Management Services Digital content management No No
R-21 Consulting and Management Services Public Relations Management No No
R-22 Consulting and Management Services Facilities Resources Planning Consultancy No No
R-23 Customer Support Services Customer Care Center No No
R-24 Cybersecurity and Cyber Risk Management Cyber Security Consultancy No No
R-25 Cybersecurity and Cyber Risk Management Cyber Risk Management Services No No
R-26 Design and Creative Services Web-Design No No
R-27 Design and Creative Services Computer Graphic Design Services No No
R-28 Design and Creative Services Concept & design consultancy No No
R-29 Digital Creator Marketplace Services Tech Provider/Enabler No No
R-3 Education and Training Education & Training Computer Software No Yes
R-31 Education and Training Computer training No Yes
R-32 Education and Training Professional & Management Development Training No Yes
R-33 Education and Training Provision of non-instructional services that support educational processes or
systems
No No
R-34 Education and Training Training consultancy No No
R-35 Education and Training Education consultancy No No
R-36 Education and Training Education Support Services No No
R-37 Employment Services Employment Brokerage Office Services No No
R-38 Event and Exhibition Organizing Exhibition Organizing No No
R-39 Event and Exhibition Organizing Conferences & Seminars Organizing No No
R-4 Event and Exhibition Organizing Fashion Shows Organizing No No
R-41 Event and Exhibition Organizing Real Estate Exhibition Organizing No No
R-42 Event and Exhibition Organizing Sports Exhibitions Organizing No No
R-43 Event and Exhibition Organizing Events Organizing & Managing No No
R-44 Gaming, eGaming & GameFi Gaming Publisher No No
R-45 Gaming, eGaming & GameFi Gaming Content Production No No
R-46 Gaming, eGaming & GameFi Online Gaming Services Yes No
R-47 Gaming, eGaming & GameFi Offshore Gaming Operator Yes No
R-48 Gaming, eGaming & GameFi Gaming Production Service Providers No No
R-49 Gaming, eGaming & GameFi Gaming Quality Assurance Specialized Services No No
R-5 Gaming, eGaming & GameFi Gaming Streaming Social Media Platform No No
R-51 Gaming, eGaming & GameFi Gaming Community Management No No
R-52 Gaming, eGaming & GameFi Gaming Engine Operation No No
R-53 Gaming, eGaming & GameFi No No
Gaming Development Services
R-54 Gaming, eGaming & GameFi Gaming Localization Services No No
R-55 Gaming, eGaming & GameFi Gaming Consultancy Services No No
R-57 Information service activities Application service provisioning No No
R-58 Information service activities Data processing activities No No
R-59 Information service activities Data Classification & Analysis Services No No
R-6 Information service activities Information search No No

 

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