Lyvely, a social monetization platform based in the UAE, has made a significant announcement. The Ras Al Khaimah Digital Assets Oasis has granted Lyvely a full operational license to conduct non-regulated activities within the SocialFi category. Lyvely highlighted that this jurisdiction is the first and only region where Common Law supports digital asset firms.
### Ras Al Khaimah Digital Assets Oasis Grants Operational License to Lyvely
The project is backed by Phoenix Group, a publicly listed company utilizing blockchain technology, and Cypher Capital, a leading Web3 investment firm. With such notable support, Lyvely aims to transform the global creator economy, which is valued at up to $250 billion. Launched last year by tech wellness entrepreneurs Dave Catudal and Farah Zafar, Lyvely was created to empower digital creators, ranging from celebrity influencers to online brands.
The platform provides a suite of fintech services, allowing brands and creators to monetize their digital presence through features like social commerce, paid communities, and content memberships.
RAK DAO operates in the Ras Al Khaimah Emirate of the UAE, focusing on nurturing the next generation of global entrepreneurial talent to develop transformative solutions. It also aims to shape the future of Web3 economies and businesses dealing with digital assets. The granting of this license marks a significant milestone in Lyvely’s operational journey.
Now, Lyvely can offer its services as a tech venture launched and grown in the UAE, operating within a recognized and secure environment. Dr. Sameer Al Ansari, CEO of RAK DAO, commented on this development, emphasizing the organization’s commitment to fostering advanced digital asset entities in the MENA region.
### Mobile App Launch Scheduled for Q4 2024
Lyvely’s CEO and co-founder Farah Zafar also expressed excitement about this achievement. With the new license, the company aims to add substantial value to the broader digital ecosystem by enabling Web3-driven monetization opportunities for under-represented creators. Additionally, Lyvely plans to launch a mobile app in the fourth quarter of this year.