RAK DAO and ADGM Courts Announce Joint Plans To Transform The Web3 Ecosystem in the UAE

RAK DAO and ADGM Courts Announce Joint Plans To Transform The Web3 Ecosystem in the UAE 

RAK Digital Assets Oasis (RAK DAO), the world’s only common law free zone dedicated to digital asset companies, and Abu Dhabi Global Market (ADGM), the international financial centre of the capital of the United Arab Emirates, which has a legislative framework based on the direct application of English common law, today announced the signing of a Memorandum of Understanding (MOU) to promote collaboration and mutual support between the two entities.

The partnership, which will focus on collaboration between RAK DAO and ADGM Courts, is a strategic alignment that resonates with the shared vision of both entities to foster innovation in the digital realm. ADGM Courts have a strong reputation for transforming the delivery of judicial services, including through their eCourts Platform, and the first-ever introduction of blockchain technology for the global enforcement of commercial judgments. RAK DAO will have early access to the Web3 courts and technology developed by ADGM. The MOU was signed on November 28, 2023, at Abu Dhabi Finance Week. 

Dr. Sameer Al Ansari, CEO of RAK DAO, stated: “The advanced dispute resolution capabilities of ADGM provides the companies in our free zone with unparalleled access to legal support, ensuring a conducive and legally secure environment for Web3 innovation. This synergy creates a unique ecosystem where legal excellence meets technological innovation. ADGM Courts' digital approach, as well as the ADGM Arbitration Centre’s “Mediation in the Metaverse” service, perfectly complement RAK DAO's position.”

ADGM Courts provide essential ancillary services to the business community, digital economy, and entrepreneurs. With an “opt in” jurisdiction, ADGM has become a pivotal player in providing the international business community access to one of the most advanced commercial courts globally.

Commenting on the partnership, Linda Fitz-Alan, Registrar and Chief Executive, ADGM Courts, said: “This exciting collaboration with RAK DAO is an excellent example of the UAE positioning itself as a trailblazer on the world stage for digital innovation, including the adoption of the latest Web3 technology. Both organisations will work together to identify areas that resonate the most for our communities and will provide cutting-edge services that are accessible, flexible and sustainable.”

The parties will also collaborate on expanding and improving the registration of Wills for non-Muslims, offering comprehensive legal support for individuals in the region for diverse segments of society.

The MOU signifies a commitment to host joint seminars, conferences, and outreach initiatives that will be coordinated to inform stakeholders about the services offered by both parties. 

This strategic partnership reflects the commitment of RAK DAO and ADGM to drive innovation, fostering cooperation, and providing enhanced legal services to businesses and entrepreneurs alike. Through this collaboration, both entities aim to contribute significantly to developing the legal and digital ecosystems in the UAE.

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