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Inside RAK DAO: How Ras Al Khaimah is building a global hub for blockchain innovation with Luc Froehlich

By: bitcoin ethereum news|2025/05/03 03:45:01
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As the global blockchain ecosystem matures, entrepreneurs are increasingly seeking jurisdictions that balance innovation with infrastructure, and few places are doing this as purposefully as RAK Digital Asset Oasis (RAK DAO) in the United Arab Emirates. Today, we revisit an interview with RAK DAO’s Chief Commercial Officer Luc Froehlich, held at the iconic Carrousel du Louvre during the 6th edition of the Paris Blockchain Week. Background Q: It would be great if you start telling us a bit about yourself, your background, and how you ended up at RAK DAO? A: I am the Chief Commercial Officer of RAK Digital Asset Oasis (RAK DAO), a licensing authority under the government of Ras Al Khaimah—the RAK in RAK DAO. Ras Al Khaimah is one of the seven Emirates in the UAE. We are a licensing authority enabling companies operating in the blockchain and digital asset space to grow their business. We incorporate companies and provide them access to traditional partners who help with services like opening a bank account, accessing a law firm, or obtaining a tax adviser. We also connect them with specialized partners who can help with services like writing whitepapers or designing a governance framework. Q: How and why was RAK DAO started? A: The ruler of Ras Al Khaimah proposed establishing RAK as a global hub for blockchain and digital asset technology. It’s not in competition with the established regulators that people know in the UAE, like VARA and ADGM, in the sense that RAK DAO focuses on non-regulated activities. So we would not onboard companies that are running an exchange, in the payment system, or custody assets. Our focus is on companies operating blockchain technology. The spectrum of companies that we focus on is broad, from gaming to payments. We also have a license for AI agent developers. Free zones in the UAE Q: What is a free zone, and what benefits does it offer founders? A: This concept is specific to the UAE. You can think of a free zone as an economic zone—areas that can regulate themselves but respect the federal government’s overarching set of rules, including the rules set by the UAE central bank and ESCA. But within those specific zones, you can establish rules that are typically tailored for specific industries. There are 50+ different zones. Some are focused on motorsports, the media industry, or port activities. As you can guess, the RAK Digital Asset Oasis is in the digital asset space. You can establish your company there and control 100% of it. There are tax advantages, such as a zero income tax rate. You also have the flexibility to attract talent globally because, frankly speaking, the UAE, starting with Dubai, has been a ball of attraction, and has a very flexible visa framework. Q: Do you need a physical presence in the RAK Digital free zone to operate in the free zone? A: So you don’t necessarily need to spend all your time in RAK. You would expect that any founder and their team would be moving around. But the idea of RAK Digital Oasis is to create a center of convergence. The reality is that where you see the biggest leapfrog in innovation and execution is typically when people come together. We have offices in RAK with all the infrastructure around them. Reasons why you should consider joining RAK DAO Q: What are the key things for founders to consider when incorporating and deciding where to domicile their organizations? A: Founders have different interests. I mentioned a general theme around this flexibility about getting talent worldwide. You also have the UAE’s geographical position. Unless you are focused on the US, the UAE puts you in the center of the world, midway between Europe and Asia. Now, depending on which region you’re currently operating from, you have additional incentives. So I give you an example. One of the challenges developers face in mainland China is operating in the blockchain space, which can be challenging and risky. Although blockchain has widely developed acceptance in China, as soon as there is a perception that you’re operating in the crypto space, that can be an issue. Certain developers feel that it’s a personal constraint. The value proposition is to be based in the UAE and to develop your business. If you are based in Europe, for instance, in the UK or France, and have an income tax rate of 45% (in the UK), you would save 40 to 45% of your income. The corporate tax rate is also very attractive. We are also very close to sources of capital. There is a lot of wealth onshore, and many investors are also passing through. The UAE also has a very friendly environment when it comes to regulation for the blockchain and digital asset space. Suppose you compare the level of regulation in Europe, the US, and the Middle East. In that case, you will see that the Middle East also typically ranks high in terms of the segments of the space that are already regulated, from tokenization to stablecoins. Q: What are the requirements for getting incorporated on the RAK DAO? A: There are no specific requirements. If you operate in the blockchain or digital asset space and you’re looking for a place to get incorporated, licensed, access talent, and have a close relationship with founders, this is the place to be. Q: How do those capital allocators view the RAK DAO legal framework? Is it well-respected? Is it something they regard as safe? A: It’s not just about being respected and appreciated; it’s also about identifying that RAK Digital Asset is putting in place licenses that didn’t exist before. For instance, the first license was for noncustodial wallet and AI agent developers. We launched a license specifically tailored for NFT creators. End of last year, we launched a legal wrapper for DAOs. The licenses are not easy to implement or manage, but they are where you gain the respect of investors and founders because they showcase that we listen to their problems. The licensing is just an entry point. An entry point is like buying a new ticket to an entertainment park, right? You just buy the ticket, but the interesting part is not the ticket—it’s the entertainment park. What we put around you is this ecosystem that can continue to help you grow. If you need someone to help you manage your treasury, tick. If you need legal advice to settle a certain aspect, tick. Q: Let’s go more in-depth about some of those service providers people can access. How exactly does that work? A: Let me break this down into two parts. The first one is the access that you would get to a partner, and the second part is to look beyond the partner. Starting with the partner, we have three different phases. You have the support you get from any other free zone, where we will connect you with a tech advisor or someone who helps you with your relocation. So I would call them general partners. Everybody can do that. It’s not particularly interesting, but we’ll provide you with that. The second type of partner is technology partners. We have about 60 of them, and they can be layer one partners. They provide you with access to an infrastructure where you can develop your dApp and facilitate your access to grants. It could be a company or a consultant who will help you design your tokenomics or write your white paper. So, those services are very specific to the Web3 space. The third category of partner that we are establishing is capital facilitation. The idea is to facilitate access to at least a tier of our company that can collaborate with us on various VCs, family offices, and other capital. So, those are three different categories of partners. Now, the second category bucket I wanted to highlight is that, in addition to all these partners, you also have access to two different things. First, over the past eighteen months, we incorporated about 550 companies, all operating in the Web3 digital asset space. This gives us the opportunity for companies within our portfolio to collaborate. Ideally, they can develop a collaborative solution that showcases how working together can solve a concrete problem. Talking about concrete solutions, the other point that is also attractive for companies joining the RAK Digital Asset Oasis is that we represent an emirate. RAK is an emirate with a portfolio of industries. You might not have heard about them, but RAK Ceramic used to be the largest ceramic producer in the world. We have port activities, tourism, gaming, renewable energy, and the wind casino, which will open in 2027 We have many municipalities. As you can imagine, all of these industries have their pain points. We can work with all of them and establish a problem statement. When the problem statement is established, we can also open it to a company within RAK Digital Asset Oasis to incorporate it with them, to say, “Hey, if you have a solution to solve this problem, we will put you in touch.” And for many companies, especially younger ones, that’s a very attractive proposition. Once you have showcased this in Ras Al Khaimah, RAK, you can show it to the rest of the world. As you can imagine, this has a snowball effect because suddenly, you can show the world that there is a product-market fit. Q: What are the benefits of having a common law system, and how does it operate? Common law is about case history; free zones have only been around for the last few years. A: There are two elements to that. The first advantage is that it provides companies and investors with the comfort that they’re operating in a legal system that they understand, so they won’t get stuck with a small court in a country they are unfamiliar with. The second part is about expertise. We have MOUs with internationally recognized courts like IFC, which can give the company that we onboard comfort that they will be in an environment where they feel comfortable operating in case of a dispute or conflict. How to join RAK DAO Q: How does one go about incorporating a company at RAK DAO? What are the steps to follow? What does the process look like? A: It can happen in different ways. Some people will just grab my Telegram handle. I will put them in touch with someone within my team who can handle and assist them. Identify what type of activity is more suitable for them, what type of license, and what type of packages are more interesting. We can also facilitate the arrangement of a visa in certain situations. You can access our website. It’s a global service in the sense that we have a team big enough to handle companies that want to onboard with us. Q: Is there anything we haven’t covered that you want to chat about? A: RAK Digital Asset Oasis is a licensing authority and a growth platform, a bit like an incubator. This year, we launched accelerators to help companies expose their businesses to the world and gain exposure to investors. We just launched the first accelerator with XDC. We have three more in the pipeline, at least until the third quarter of this year. That will also be another opportunity to get a sense of what this free zone or licensing authority can deliver. Q: Do you do that in-house, or do you have partners you work with? A: We are working with partners at the moment. We’ll likely launch our accelerator by the end of the year or next year. At the moment, it’s not our area of expertise. We prefer collaborating with others who have been doing this for a while. What we propose is all the infrastructure that we can provide. We also offer working spaces and facilitate access to licensing. Opinion on current market conditions Q: I’m curious to hear your thoughts on the market conditions. How is the future looking, and where are we? How is something like RAK DAO contributing to the general growth and health of the crypto ecosystem and, hopefully, one day decoupling it from the stock market, with which I don’t personally see the correlation? A: Two things. I will start with the less exciting one and then move to something slightly more positive. It’s striking that we are all here at Paris Blockchain Week, giving our best, collaborating as much as possible, and finding ways to launch new products together. But there is a big elephant in the room. With the disruption that we see in capital markets, with the drop in prices, it’s very clear that it will be a longer journey than we expected, especially if you’re at a stage where you’re ready to launch your token or you want to raise capital. We’re already seeing a lot of investors pulling back and saying, “Okay, let me wait and see.” And that’s very unfortunate. And at a personal level, it’s also pretty sad. I was very excited about 2025. It’s still a rough patch. We’re past 2021, and we’ve already gone through quite a rough patch. It’s sad that we are faced with this reality. On the more positive side, I like your point about decoupling because I put my money where my mouth is by relocating from Hong Kong to the UAE. There is still a lot of appetite to push the agenda when it comes to regulation, which could create a decoupling. Because the US was shut down, the UAE might have an opportunity to continue the momentum while other regions struggle. It’s nice that you see some evolution on the regulatory side in the US. It’s become less dangerous to operate in this space. The fact is, capital is going to capital allocators, who will be much more attentive to what they’re doing. Source: https://www.cryptopolitan.com/inside-rak-dao-with-luc-froehlich/

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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk


Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:


To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:


  Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:


  I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities


  (I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.


  The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.


  A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.


（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.


  Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.


  II. Sound Work Mechanism


  (III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.


  The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.


  (IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.


  III. Strengthened Risk Monitoring, Prevention, and Disposal


  (5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.


  (6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.


  (7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.


  (8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.


  （IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.


  （X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.


 （XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.


  （XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.


  IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities


（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.


  （XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.


  (15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.


  V. Strengthen Organizational Implementation


  (16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.


  (17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.


  VI. Legal Responsibility


  (18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.


  (19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.


  This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.


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