Official UAE financial reports or credible financial news outlets

UAE Becomes Tax-Free Crypto Haven, Launches DAO Framework in Ras Al-Khaimah

Oct 22, 2024, 12:54 PM

The United Arab Emirates (UAE) has recently made significant strides in becoming a global hub for cryptocurrency and blockchain technology. The UAE has scrapped taxes on crypto transactions, eliminating VAT on transfers and removing barriers for digital assets, making it a tax-free haven for crypto. This move is expected to attract startups and major investors, potentially increasing the country's $30 billion in crypto investments and positioning it as a Web3 mecca. Additionally, the Ras Al-Khaimah region in the UAE has launched a regulatory framework for Decentralized Autonomous Organizations (DAOs) within its RAK Digital Assets Oasis free zone. The new DAO Association Regime (DARe) aims to facilitate interactions and operations of DAOs, further solidifying the UAE's position as a leader in the digital assets space.