The Dubai International Financial Centre (DIFC) Courts has taken a significant step toward bolstering the region’s digital economy by signing an agreement with Ras Al Khaimah Digital Assets Oasis (RAK DAO).
This collaboration aims to enhance awareness and accessibility of DIFC Courts’ digital economy services to businesses operating within Ras Al Khaimah’s newly established digital economy freezone.
The partnership will also promote cooperation on various projects aligned with the UAE’s vision for a thriving digital economy.
The DIFC Courts, which are currently operating under a strategic roadmap spanning 2022 to 2024, have been proactive in supporting national and local Dubai strategic goals, with a focus on advancing the digital agenda.
The courts have launched initiatives like ‘tejouri,’ a global digital vault designed to securely store and transfer digital data. This platform offers individuals the ability to store various documents, from insurance contracts to multimedia files, using advanced cryptography and Distributed Ledger Technology (DLT).
RAK DAO, the world’s first common law free zone dedicated to global digital and virtual asset companies, serves as a fertile ground for innovators and entrepreneurs working in the Web3 and blockchain technology domains. This collaboration signifies a leap forward in fostering a dynamic digital ecosystem within Ras Al Khaimah’s thriving digital oasis.
In 2021, the DIFC Courts introduced the Digital Economy Court (DEC), dedicated to simplifying the resolution of complex civil and commercial disputes linked to the digital economy. The DEC addresses national and international claims related to current and emerging technologies, including big data, blockchain, cryptocurrencies, artificial intelligence, and cloud services. This international initiative bolsters the judicial support network for digital transformation and adoption.
The partnership with RAK DAO aligns with the DIFC Courts’ mission to provide a transparent legislative framework and a vibrant ecosystem where companies have the necessary resources to innovate and thrive. It underscores Dubai and the UAE’s commitment to playing a leading role in advancing judicial systems to address digital economy-related disputes efficiently.
By fostering international partnerships and encouraging collaboration, RAK DAO aspires to position Ras Al Khaimah as a global hub for digital asset innovation, enhancing its competitiveness as a global business destination in the digital age.
Established in 2004, the DIFC Courts, Dubai’s international English-language common law judicial system, continues to strengthen investment and trade relations with Dubai, the UAE, and the international community.
This collaboration between DIFC Courts and RAK DAO represents a significant leap forward in advancing the UAE’s digital economy vision and supporting emerging sectors in the region. It reinforces the commitment of both organizations to facilitate digital innovation, promote judicial excellence, and create a conducive environment for companies to thrive in the digital age.
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