Oasis

Bitcoin

DeFi

<h4><strong>A DAO is a group that operates without a traditional management structure, relying instead on smart contracts and community decision-making. </strong></h4> 
<p>Irina Heaver, a lawyer from NeosLegal, <a href="https://lu.ma/5hth0ahv" target="_blank" rel="noopener">explained</a> that this new framework will allow even smaller DAOs to operate legally in the UAE.</p> 
<h5><strong>What is the RAK DAO?</strong></h5> 
<p>The <a href="https://www.rakdao.com/" target="_blank" rel="noopener">Ras Al Khaimah Digital Assets Oasis (RAK DAO)</a> is a special economic zone in the UAE. It focuses on digital assets. They are set to introduce this legal framework at an event called the DAO Legal Clinic on October 25th. During this event, people will discuss how DAOs can follow the law and what it means for the future of decentralized governance in the UAE.</p> 
<p>The new framework will help clarify the legal and governance requirements for DAOs. It will explain tax obligations and benefits, allowing DAOs to own both digital and physical assets. This means that the founders, members, and contributors of a DAO will have legal protection from personal liability. This means that they won’t have to worry about losing their money if something goes wrong.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e6-1f1ea.png" alt="🇦🇪" class="wp-smiley" style="height: 1em; max-height: 1em;"> UAE’s total value received by DeFi services soared 74% from last year. In the latest episode of Public Key, <a href="https://twitter.com/IanAndrewsDC?ref_src=twsrc%5Etfw">@ianandrewsdc</a> explores the ADGM’s blueprint for decentralization and the world’s first framework for blockchain foundations, DAOs and web3 entities with Dmitry Fedotov. <a href="https://t.co/KZXroleaBv">pic.twitter.com/KZXroleaBv</a></p> 
 <p>— Chainalysis (@chainalysis) <a href="https://twitter.com/chainalysis/status/1844018055699198283?ref_src=twsrc%5Etfw">October 9, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Additionally, the legal framework will enable DAOs to enter legally binding contracts and set rules for resolving disputes. Heaver mentioned that DAOs can register in the UAE even if they aren’t physically located there. This means that organizations can be established remotely, making it easier for people from all over the world to participate in the UAE’s growing digital assets market.</p> 
<h5><strong>A Global Hub for Innovation</strong></h5> 
<p>Heaver believes this legal framework will help the <a href="https://www.altcoinbuzz.io/?s=UAE" target="_blank" rel="noopener">UAE</a> become a global hub for blockchain and digital asset innovation. With the new rules in place, more entrepreneurs and developers will be attracted to the area.</p> 
<p>Compared to Switzerland, where setting up a DAO can cost as much as $46,000, <a href="https://legalnodes.com/article/swiss-foundation-dao-legal-wrapper" target="_blank" rel="noopener">establishing</a> a DAO in the UAE can start at just $3,000. This affordability allows even the smallest DAOs to protect themselves and operate within a legal framework, making it a “no-brainer” for many.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone wp-image-123700 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/uaes-new-legal-structure-boosts-daos/">UAE’s New Legal Structure Boosts DAOs</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

UAE’s New Legal Structure Boosts DAOs

Altcoin Buzz

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