According to Cointelegraph, the UAE's digital asset-focused free economic zone Ras Al Khaimah Digital Asset Oasis (RAK DAO) will introduce a legal framework for decentralized autonomous organizations (DAOs). The new system will be launched and discussed at the DAO Legal Clinic on October 25.
NeosLegal, a UAE law firm, said the framework is expected to clarify how DAOs can remain legally compliant, the legal structure will clarify tax obligations and benefits, and will also enable property ownership of on-chain and off-chain assets, and provide legal protection from personal liability for DAO founders, members and contributors, enabling DAOs to enter into legally binding contracts and establish guidelines for resolving internal and external disputes. Under the new system, DAOs can be registered remotely in the UAE without a physical presence in the UAE, and these organizations can open bank accounts. The cost of setting up a DAO in the UAE may start at $3,000.