This collaboration between RAK DAO and the DIFC Courts ensures that as the digital economy expands introducing new business models and innovative products based on digital technologies, the judicial framework evolves in tandem to support and reassure the international businesses about the region’s commitment to legal excellence in the new digital era.
The following summaries the advantages of the Memorandum of Understanding (MoU) for the newly established Ras Al Khaimah Digital Assets Oasis (RAK DAO) and the main areas they will capitalize on by this agreement with the Dubai International Financial Centre (DIFC) Courts:
- Enhance Market Confidence: The collaboration between DIFC Courts and RAK DAO instills confidence among foreign organizations looking to enter the UAE’s burgeoning digital economy sectors.
- Level with International Standards Compliance: DIFC Courts’ adherence to international legal standards promotes confidence among RAK DAO’s international partners.
- Business Attraction: The partnership strengthens RAK DAO’s competitive position as a global hub for digital asset companies by offering access to an internationally recognized common law judicial system.
- Growth Support: By assuring businesses of their capability to handle new types of legal cases and disputes, the MoU encourages the growth of foreign investment in UAE’s digital economic verticals.
- Innovative Dispute Resolution: The collaboration offers advanced dispute resolution services, crucial for resolving complex digital economy-related cases to be addressed by Digital Economy Court (DEC) Division.
- Global Integration: The MoU enhances the attractiveness of the UAE as a destination for digital innovation, reassuring global players of the region’s and beyond the readiness to support their legal needs by choosing ‘opting-in’ to this neutral global jurisdiction.
- Enhanced Legal Framework: The partnership provides RAK DAO with access to DIFC Courts’ sophisticated legal infrastructure, ensuring a robust framework for digital economy disputes.
- Legal Readiness: The agreement signals to international businesses that the UAE’s legal infrastructure is well-prepared to support the complexities of the digital economy though an entity well prepared to address the challenges and equipped to handle the evolving requirements of digital transactions and relationships.
- Access to Judicial Expertise: Businesses in RAK DAO will benefit from the specialized judicial expertise of DIFC Courts “The Digital Economy Court” with expertise in areas like blockchain, AI, and big data.
- Digital Security Services: Access to ‘tejouri’. A state of the art global digital vault introduced by the DIFC Courts. Tejori ensures secure document storage and transfer for RAK DAO businesses which is supported by the highest standards of security regulation, using multiple factors of authentication, encrypted data, personalized biometric information, and safe-keeping ledgers through advanced cryptography.
- Competence Building: RAK DAO will capitalize on DIFC Courts’ commitment to legal education and training, enhancing local legal competencies in the digital asset space.
Conclusion
This MoU is poised to fortify RAK DAO’s commitment to being a pioneering digital asset free zone, ensuring it is equipped with world-class judicial services to support its economic and innovation-driven goals.
Should you have any questions or may need a legal opinion or advice, please feel free to reach out to our Managing Partner, Mr. Ashraf El Motei, at [email protected].
