Ras Al Khaimah, one of the seven Emirates that make up the United Arab Emirates (UAE), has announced the launch of a free zone for digital asset companies.
Ras Al Khaimah, one of the seven emirates of the UAE, will soon establish a free zone for digital and virtual asset companies. The decision is part of the country’s approach to attract global crypto members. The RAK Digital Asset Oasis (RAK DAO) will be a “free zone designed for innovation purposes for unregulated activities in the field of virtual assets”. Free trade zones are areas in the UAE where companies have 100% ownership of their businesses and have different regulatory and tax frameworks. Applications for Oasis membership will open in April 2023. The decision to launch RAK DAO was made at Blockchain Life Conference 2023.
Financial Tycoons reports Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi has been voted Chairman of RAK DAO. The Sheikh believes this move will strengthen the UAE’s position as a top destination for innovative companies. He said:
We are building the free zone of the future for the companies of the future. As the world’s first free zone exclusively dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive and rapidly adapting approach and enabling environment for innovation.
The UAE has positioned itself as an innovation hub and RAK DAO is in line with this. The free zone will provide digital and virtual asset companies with a globally connected environment that will enable them to develop business models for the future.
Dr Sameer Al Ansari, CEO of RAK International Corporate Center and CEO of Digital Assets Oasis, said:
We look forward to welcoming the world’s brightest Web3 minds with their most disruptive ideas that reveal new approaches to creating a better future. We are committed to empowering the next generation of global business talent to create transformative solutions and create impact while shaping the future of businesses and economies.
Ras Al Khaimah joins Dubai as another of the seven emirates that have embraced cryptocurrencies and introduced cryptocurrency regulations. Dubai’s Virtual Assets and Regulatory Authority (VARA) has released new regulations for all crypto-related companies looking to set up business in the country. The regulator has introduced a blanket ban on privacy-focused crypto projects. Last year, the regulator also introduced regulatory guidelines on the marketing, advertising and promotion of virtual assets.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.