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 center of the United Arab Emirates capital, operating under a legislative framework rooted in direct English common law, have announced the signing a Memorandum of Understanding (MOU) to promote collaboration and mutual support.
This partnership centers on fostering collaboration between RAK DAO and ADGM Courts, aligning strategically with both entities’ shared vision to cultivate innovation in the digital sphere. The ADGM Courts, renowned for revolutionizing judicial services through their eCourts Platform and pioneering the use of blockchain technology for global enforcement of commercial judgments, will grant RAK DAO early access to their Web3 courts and technology. The MOU was formalized on November 28, 2023, during Abu Dhabi Finance Week.
Dr. Sameer Al Ansari, CEO of RAK DAO, highlighted, “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 play a crucial role in supporting the business community, digital economy, and entrepreneurs. With an “opt-in” jurisdiction, ADGM has emerged as a pivotal player in offering the international business community access to highly advanced commercial courts.
Linda Fitz-Alan, Registrar and Chief Executive of ADGM Courts, remarked, “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.”
Furthermore, the parties will collaborate to expand and enhance the registration of Wills for non-Muslims, offering comprehensive legal support to diverse segments of society in the region.
The MOU signifies a commitment to jointly host seminars, conferences, and outreach initiatives aimed at informing stakeholders about the services offered by both entities.
This strategic partnership underscores RAK DAO and ADGM’s commitment to driving innovation, fostering cooperation, and delivering enhanced legal services to businesses and entrepreneurs. Through this collaboration, both entities aim to significantly contribute to developing the legal and digital ecosystems in the UAE.
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