The Ras Al Khaimah Digital Asset Oasis (RAK DAO), a free economic zone focused on digital assets in the United Arab Emirates, is about to introduce a legal framework for decentralized autonomous organizations (DAOs). Law firms NeosLegal and RAK DAO said the new regime will be launched and discussed at the DAO Legal Clinic on October 25.
NeosLegal partner Irina Heaver said the framework is expected to shed light on how DAOs can maintain legal compliance, which she believes will have a significant impact on decentralized governance in the UAE and the broader Web3 ecosystem.
The announcement highlights that the legal structure will clarify tax obligations and benefits. It will also enable property ownership of on-chain and off-chain assets and provide legal protection from personal liability for DAOs' founders, members and contributors. The legal framework will also enable DAOs to enter into legally binding contracts and develop guidelines for resolving internal and external disputes.
The UAE will introduce a legal framework for DAOs
2024-10-18 08:31:29
United Arab Emirates Focus Digital Asset Freedom Economic Zone Rasdesk3cryptocurrencydesktopCrypto News
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