Terms & Conditions

This Refund Policy (the “Policy”) pertains to the registration fees (“Fees”) paid by either the Registered Agent or Client (“Applicant”) before the completion of their registration process with Ras Al Khaimah Digital Assets Oasis (the “Authority”). The Authority understands that circumstances may arise that warrant a refund of the Fees, and the Authority has established this Policy to outline the conditions and procedures for such refunds. This Policy reflects the Authority’s commitment to providing clear guidelines for refunding the Fees paid by the Applicant in completion of their registration.

1. Refund Circumstances: The Authority may approve refund of the Fee in the following events:

• 1.1. The activities undertaken by the Applicant falls under a regulated area.
• 1.2. The Applicant applied for a “premium activity” and the activity has not been approved by the Authority.

2. Deductions: The Authority may deduct certain fees or charges before processing a refund, depending on the circumstances. These deductions will be made in accordance with the terms outlined below. Refunded amounts will be equal the paid amount less a deduction fee of Two Thousand Five Hundred UAE Dirhams (AED2500) for each case outlined below.

• 2.1. Conditions for applying deductions before processing refunds:
  • A. Pre-approval rejection: If Applicant is rejected for immigration purposes the deduction will apply.
  • B. Non-Disclosure of information: in cases where the Authority finds that essential information was not properly disclosed by the Applicant, misrepresented, or if the Applicant fails to submit the information requested by the Authority.
  • C. Fraudulent activities (including falsification of information, intentional deception, or misrepresentation, lying on official documents or forging signatures) deductions will apply if the Applicant is found to be fraudulent or performing fraudulent activities or if misrepresentation is identified during the application process.
  • D. Other conditions: The Authority may also consider other deductions on a case-by-case basis after informing the Applicant of such deductions and eligibility of any refunds.
• 2.2. On exceptional cases, if the registration was not successful for reasons other than stated in Article 2.1, the Authority reserves the right to hold the Fees paid by the Registered Agent as a “deposit” and apply a deduction of Two Hundred and Fifty Dirhams (AED 250) for immigration charges. The remaining “deposit” amount can be used by Registered Agent to process future applications.

3. Refund Request Process:

• 3.1 The Applicant shall fill up completely and sign the Refund Request Form and submit the same to: BD@rakdao.com together with the supporting documentation and details of the requested refund.
• 3.2 The Authority reserves the right to require the Applicant additional requirement which is deem necessary under given circumstances.
• 3.3 Request for refund shall not be entertained if the Applicant fails to present the supporting documentation mentioned in clause 3.1 and/or additional requirement under clause 3.2.
• 3.4 From the submission of the Refund Request Form and its supporting documents, an evaluation/assessment shall be conducted by Compliance and Commercial and the result of which shall be forwarded to the management for final decision. The Authority’s decision is final and binding upon the Applicant.

4. Refund Amount: The refund amount will be in AED currency and will be determined based on the specific circumstances of each case and any applicable deductions. No interest on the amount to be refunded will be paid.

5. Refund Processing Time: Refund processing time may vary but typically takes up to twenty-one (21) working days from the date of approval by the Authority.

6. Refund Authorization: Refunds will be reviewed and finally approved by the Head of Compliance and the Chief Commercial Officer.

7. Non-Refundable Fees: Certain fees, such as application processing fees, consultation fees, any third-party fees (such as immigration, translation, courier, other administration fees) paid by the Registered Agent in connection with the application shall not be refunded in full or in part.

8. Release of Refund: the Fees paid in respect of the Applicant will be refunded via one of the following methods as authorised by the Authority:

• 8.1 Refund the amount to the Applicant’s “wallet” registered with the Authority;
• 8.2 Fees paid via Fiat currency (cash, credit card or bank transfer) will be refunded to the Applicant’s same bank account used for remittance to the Authority; or
• 8.3 Refund in the same Crypto currency used to pay the Fees, provided that the Authority shall not bear any exchange rate difference, and or remittance fees/charges.

9. Period to Request for Refund:

To the extent permitted by the applicable laws and regulations, a refund request shall be reviewed and approved within twenty-five (25) calendar days from the date the Refund Request Form was submitted.

10. Changes to this Policy: The Authority reserves the right to amend or update this Policy from time to time as deemed necessary. The Authority reserves the right to amend the service requests, Fees and applicable refunds and deductions at its own discretion in line with the applicable regulations. Any changes will be communicated through our official channels.

11. Effectivity: This Policy shall be effective from the date of its approval.

These Terms and Conditions (“Terms”) govern the Client referral program offered by RAK Digital Assets Oasis (hereinafter referred to as “RAK DAO”) to RAK DAO clients (hereinafter referred to as “Client(s)”). By using our service, you hereby consent to the conditions set out below:

1. Eligibility

To be eligible for RAK DAO’s Client referral program (“Program”):

• a) You must refer a Client that has not engaged with RAK DAO in any previous or current business transaction;
• b) The referral shall be applicable only upon the completion of a transaction with RAK DAO for a business license of at least one (1) year;

2. Referral and Award Process

• a) You must complete and submit RAK DAO’ referral form available for this Program at https://www.rakdao.com/refer-a-friend/ (“Link”). Only applications submitted through RAK DAO website will be recognized for the Program. Referrals made through other channels will not be eligible for the Award;
• b) In exchange for the referral, you shall be entitled to receive United Arab Emirates Dirhams One Thousand Five Hundred (AED 1,500) (“Award”);
• c) To claim the Award, you will be requested by RAK DAO to provide your identification details, such as local Emirates ID or passport copies or any additional documents as deemed necessary by RAK DAO;
• d) The Award shall be paid to you in the form of wire transfer within thirty (30) calendar days from the date of the referral confirmation, For the avoidance of doubt, ‘referral confirmation’ means completion of the transaction by the Client under 1(b).
• e) Payments will be subject to any applicable taxes and deductions required by the applicable laws.
• f) You will be requested to sign an invoice provided by RAK DAO and submit along with either your valid local Emirates ID or passport copy. The Documents must be submitted within seven (7) days of receiving the invoice for signature. Failure to timely provide the required documents will result in lapse of the Award.
• g) You agree and acknowledge that RAK DAO, in its sole discretion, reserves the full right and authority to reject referrals for any reasons.

3. Your Covenants

• a) The intention of the Program is to refer prospective Clients to RAK DAO. However, you agree to not engage in any of the following activities in connection with the Program:
  • i. Post any information or material, through the Link, that is illegal, untrue, inaccurate, defamatory, threatening or otherwise malicious in nature;
  • ii. Infringe RAK DAO’ intellectual property, including without limitation, RAK DAO’ brand, logos, trademarks or otherwise;
  • iii. Attempt to circumvent any protective administrative and/or technological measures associated with the Program;
  • iv. Post, upload, transmit or otherwise distribute advertisements or other marketing collaterals through the Link;
  • v. Impersonate or misrepresent the client and its respective details;
  • vi. Collect information about Clients without explicit authorization;
  • vii. Interfere with, or attempt to interfere with, access to the Program’s network or the Link;
  • viii. Use the Program or the Link in any way that is deemed unlawful or prohibited through these terms and conditions and applicable laws; or
  • ix. Use the Link to copy, store, host, transmit, send, use, publish or distribute any material which consists of (or is linked to) any spyware, computer virus, trojan, horse, worm, keystroke logger, rootkit or other malicious computer software.
• b) You shall not enter multiple or fake email addresses or accounts, use fictitious identities or use any system, bot or other device to participate in the Program or to receive the Award.
• c) You acknowledge and agree that RAK DAO may store, record or document any information exchanged through the Link. RAK DAO utilizes the most up-to-date applications and security systems to ensure that all data entered online, through the Link is encrypted.
• d) You must ensure the accuracy and authenticity of any and all the information supplied to RAK DAO, through the Link. Where you become aware that any information supplied is incorrect, invalid or outdated, you must amend such information as soon as reasonably possible.
• e) You accept responsibility for the information supplied to RAK DAO, through the Link. RAK DAO shall not be held responsible for any misinterpretation of information due to ambiguously worded text or otherwise.
• f) Through participation in the Program, you agree to be bound by these Terms, RAK DAO’ privacy policy and other applicable laws and regulations.

4. Indemnification and Liability

• a) In no event shall RAK DAO be held responsible for the possible or actual occurrence of any of the following:
  • i. Inaccurate or incomplete information relating to the client;
  • ii. Data corruption, theft, destruction, unauthorized access to or alteration of any relevant materials;
  • iii. Any errors or omissions related to administrative or technological procedures, whether related to the Program or to the Link;
  • iv. Claims, demands, damages, disputes or otherwise between you and the client; or
  • v. Any other injuries, losses, damages arising out of or in connection with the Program
• b) You hereby agree and acknowledge your duty to indemnify, defend, release and hold harmless RAK DAO, its affiliates, subsidiaries, together with their respective employees, directors, officers and shareholders, from any and all claims, actions, demands, damages, losses, liability, costs or expenses cause by , arising out of , in connection with, or related to your participation in the Program (including without limitation, any property loss, damage, personal injury or death caused to any persons and/or the awarding, receipt or misuse of the Program or any Award).
• c) You are, and shall remain, responsible for determining that your participation in the Program and receipt of the Award is in compliance with all applicable laws, policies and procedures.
• d) RAK DAO shall not be held responsible, nor shall it assume any liability in connection with the Program, the Award or any other obligations, commitments, requirements or otherwise on your behalf.
• e) The Program and the Award are provided on an “as is” basis without any warranties or covenants of any kind, whether express, implied or legislation, including without limitation, warranties or merchantability, fitness for a particular purpose, title, accuracy, completeness, reliability and non-infringement.
• f) In no event shall RAK DAO be held liable for any direct, special, indirect or consequential damages, or damages of any other kind, regardless of predictability, arising out of or in connection with the Program or the Award.
• g) In no event shall RAK DAO’s total liability exceed the total amount paid or payable to you under the Program.
• h) If applicable, you shall be fully responsible for your own corporate and tax liabilities. You shall compensate RAK DAO for any losses incurred by RAK DAO as a result of your failure to abide by the regulations imposed through these Terms, relevant governing bodies and applicable laws.

5. Modification and Termination

• a) RAK DAO further reserves the right to terminate, suspend, alter, modify or change, all or any part of the Program or the Link, and to stop publishing at any time, in its sole discretion, without any notice or explanation.
• b) Any modifications to the Program will be effective immediately upon posting on our website of other official channels.
• c) As a result of any discontinuation, alteration, modification or change, you shall not be entitled to any form of compensation or other payment upon such discontinuation or alteration of the Program.

6. Disqualification and Termination

• a) RAK DAO reserves the right to disqualify you and/or cancel any Award, in the event of a discovery of tampering with the entry process or the operation of the Program or violating these Terms.
• b) Any attempt to deliberately damage or undermine the legitimate operation of the Program may result in violations of criminal and civil natures and will result in immediate disqualification from participation in the Program. Should such an attempt be made, RAK DAO reserves the right to seek remedies and damages, to the maximum extent as permitted by the relevant laws of the United Arab Emirates.
• c) RAK DAO may, in its sole discretion, prohibit you from participating in the Program or from receiving the Award if RAK DAO determines that you are attempting to undermine the fairness, integrity or legitimacy of the Program in any way by cheating, hacking, deception, or any other unfair practices.
• d) In the event of a breach of these Terms or applicable laws of the United Arab Emirates, RAK DAO reserves the right to cancel, reject, terminate or otherwise abrogate the Award owed to you.
• e) Use of any affiliate website, affiliate networks, automated systems or scripts is strictly prohibited and shall result in a disqualification from the Program.

7. General Terms

• a) RAK DAO reserves the right to amend these Terms at any time, without notice. Your continued participation in the Program, following such amendments, represents your agreement to be bound by these terms and conditions as amended.
• b) RAK DAO shall not be held responsible for any failure to perform, or delay in the performance of, any of its obligations under these Terms that is caused by events outside of RAK DAO’ reasonable control, including without limitation, acts of God, global health pandemics, internet failures, malfunction of data/database, software or otherwise, fires, floods, sever weather conditions, explosions, war, acts of terrorism, industrial disputes (whether or not involving RAK DAO’ employees) or acts of local or central governments or other competent authorities.
• c) These terms and conditions shall be governed by and construed in accordance with the laws of Ras Al Khaimah, without regard to its conflict of law provisions.
• d) Any disputes arising out of or in connection with the Program shall be subject to the exclusive jurisdiction of the courts of Ras Al Khaimah.
• e) If you have any questions or concerns about the Program or these terms and conditions, please contact us at cx@rakdao.com

By participating in the Program, you acknowledge that you have read, understood, and agree to be bound by these terms and conditions.