RAK Digital Assets Oasis : Web 3.0 and Crypto Licenses

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.

Types of Business Licenses in RAK DAO

RAK DAO (Ras Al Khaimah Digital Assets Oasis) is a forward-thinking hub designed for digital and virtual asset businesses. It offers various business licenses to support economic diversity, technological innovation, and regulatory clarity. Here are the key types of licenses available:

1. Blockchain and Cryptocurrency License

This license is for companies involved in blockchain technology, cryptocurrency trading, and related activities. It ensures that businesses operate within the legal framework and meet regulatory standards.

2. Digital Asset Exchange License

Businesses that function as digital asset exchanges require this license. It allows them to facilitate the buying and selling of cryptocurrencies while adhering to strict compliance regulations.

3. Virtual Asset Service Provider (VASP) License

Entities providing services like cryptocurrency wallets, custodianship, and token issuance need a VASP license to operate within the global regulatory framework.

4. Technology Service Provider License

This license is ideal for firms offering technology-driven solutions, including:

• Smart contract development
• Blockchain consulting
• Software development for digital assets

5. Financial Services License

This license is tailored for businesses providing financial advisory, payment processing, and other financial services within the digital asset sector. It ensures a secure and compliant financial environment.

By securing the appropriate license, businesses in RAK DAO can leverage its business-friendly environment and cutting-edge regulations to thrive in the digital economy.

List of RAK DAO Business Activities

Accounting

• S-001 - Accounting & Bookkeeping (Premium: No, External Approval: No)
• S-002 - Taxation Procedures Follow-up (Premium: No, External Approval: Yes)
• S-003 - Billing Services Provider (Premium: No, External Approval: No)
• S-004 - Tax Reclaim Services (Premium: No, External Approval: No)

Artificial Intelligence

• S-005 - Innovation & Artificial Intelligence Research & Consultancies (Premium: Yes, External Approval: No)
• S-006 - Artificial Intelligence (Premium: Yes, External Approval: No)
• S-007 - Coding (Premium: No, External Approval: No)
• S-008 - Innovation Startup (Premium: No, External Approval: No)

Blockchain Development, DLT Services & Software

• S-009 - Software Development Services (Premium: No, External Approval: No)
• S-010 - Cybersecurity and Technology Audit Services of Software Code (Premium: No, External Approval: No)
• S-011 - Software House (Premium: No, External Approval: No)
• S-012 - Digital Bridge Services (Premium: No, External Approval: No)
• S-013 - Digital Platforms & Services (Premium: No, External Approval: No)
• S-014 - Node Operator (Premium: No, External Approval: No)
• S-015 - Digital Analytics Services (Premium: No, External Approval: No)
• S-016 - Blockchain Oracle (Premium: No, External Approval: No)
• S-017 - Web3 Services (Premium: No, External Approval: No)
• S-018 - Distributed Ledger Technology Services (Premium: No, External Approval: No)

Computer Systems and Network Consultancies

• S-019 - Computer Systems Consultancies (Premium: No, External Approval: No)
• S-020 - Network Consultancies (Premium: No, External Approval: No)
• S-021 - Information Technology Consultants (Premium: No, External Approval: No)
• S-022 - Internet Consultancy (Premium: No, External Approval: No)
• S-023 - IT Infrastructure (Premium: No, External Approval: No)
• S-024 - Public Networking Services (Premium: No, External Approval: No)
• S-025 - Computer System Housing Services (Premium: No, External Approval: No)
• S-026 - Internet Services (Premium: No, External Approval: No)
• S-027 - Computer Systems & Communication Equipment Software Design (Premium: No, External Approval: No)
• S-028 - Information Technology Network Services (Premium: No, External Approval: No)
• S-029 - Other Information Technology & Computer Service Activities (Premium: No, External Approval: No)
• S-030 - Computer Disaster Recovery (Premium: No, External Approval: No)
• S-031 - IT Security Management (Premium: No, External Approval: No)
• S-032 - Security Systems Consultancy (Premium: No, External Approval: No)
• S-033 - Provision of Infrastructure for Hosting, Data Processing Services, and Related Activities (Premium: No, External Approval: No)
• S-034 - General Time-Share Provision of Mainframe Facilities to Clients (Premium: No, External Approval: No)
• S-035 - Cloud Service & Data Centers Providers (Premium: No, External Approval: No)
• S-036 - Data Center Colocation Services (Premium: No, External Approval: No)

Consulting and Management Services

• S-037 - Corporate Services Provider (CSP) (Premium: No, External Approval: No)
• S-038 - Management Consultancies (Premium: No, External Approval: No)
• S-039 - Strategy Advisory Services (Premium: No, External Approval: No)
• S-040 - Digital Content Management (Premium: No, External Approval: No)
• S-041 - Project Management Services (Premium: No, External Approval: No)
• S-042 - Logistics Consultancy (Premium: No, External Approval: No)
• S-043 - Public Relations Management (Premium: No, External Approval: No)
• S-044 - Feasibility Studies Consultancies (Premium: No, External Approval: No)
• S-045 - Facilities Resources Planning Consultancy (Premium: No, External Approval: No)
• S-046 - Project Development Consultant (Premium: No, External Approval: No)
• S-047 - Cost Control & Risk Management Services (Premium: No, External Approval: No)

Customer Support Services

• S-048 - Customer Care Center (Premium: No, External Approval: No)
• S-049 - Call Centers Services (Premium: No, External Approval: No)

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