Lyvely, a social monetization platform based in the UAE, has made a significant announcement. Ras Al Khaimah Digital Assets Oasis has granted them a full operational license to conduct non-regulated operations within the SocialFi category. Lyvely stated that this jurisdiction is the first and only area where Common Law supports digital asset firms.
The project is backed by Phoenix Group, a publicly listed corporation that leverages blockchain technology, and Cypher Capital, a prominent Web3 investment entity. With this strong support, Lyvely aims to revolutionize the global creator economy, which is estimated to be worth up to $250 billion. The platform was founded last year by tech wellness entrepreneurs Dave Catudal and Farah Zafar.
Their mission is to empower digital creators, including celebrity influencers and online brands, by offering a range of fintech services. Lyvely allows brands and creators to monetize their digital presence through features such as social commerce, paid communities, and content memberships.
RAK DAO, located in the Ras Al Khaimah Emirate of the UAE, focuses on nurturing the next generation of global entrepreneurial talent to develop transformative solutions and shape the future of Web3 economies and digital asset businesses. The operational license marks a significant milestone in Lyvely’s roadmap, allowing them to operate within a recognized and secure environment.
CEO of RAK DAO, Dr. Sameer Al Ansari, commented on the development, emphasizing the organization’s commitment to nurturing advanced digital asset entities in the MENA zone. Additionally, Lyvely’s CEO and co-founder Farah Zafar expressed excitement about the achievement, highlighting the company’s focus on adding value to the digital ecosystem and enabling Web3-driven opportunities for under-represented creators. Moreover, Lyvely plans to launch a mobile app in the fourth quarter of this year.