Do not touch them
Do not touch them ! It fraud company
They will take money and then they will ignore you ! Save your time and money
October 1, 2026
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My experience getting a crypto licence in UAE Ras Al Khaimah — Innovation City (formerly RAK DAO)
WARNING to anyone looking into getting a crypto business licence in the UAE through Innovation City in Ras Al Khaimah (formerly known as RAK DAO). I applied to register a blockchain company and specifically asked their team to review and approve my business plan before I made any payment, because the crypto regulatory landscape in the UAE is complex. They reviewed it, approved it, and I paid the registration fees.
What they failed to identify — despite being a crypto-specific free zone in RAK — is that my intended activities fall under a regulated area. UAE Federal Decree-Law No. 6 of 2025 has significantly expanded the regulatory perimeter of the Central Bank of the UAE (CBUAE), and activities like stored value services and payment services using virtual assets now require CBUAE licensing under Articles 61 and 62. I discovered this myself through my own legal review, not through their so-called compliance assessment.
I requested cancellation immediately while my application was still under review — the company was never registered, no licence was issued, no service was delivered. Three months of follow-ups, four different contacts, endless broken promises, and weeks of silence between each reply.
The worst customer experience I have ever had. If you are considering a crypto licence in Ras Al Khaimah or anywhere in the UAE, do your own thorough legal research first and think carefully before paying Innovation City.
March 4, 2026
Unprompted review
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