UAE: World’s first free zone for digital and virtual asset companies
The government of Ras Al Khaimah (RAK), one of the seven emirates of the United Arab Emirates, has announced plans to establish RAK Digital Assets Oasis, the world’s first free zone dedicated to digital and virtual asset companies. The announcement was made at the Blockchain Life 2023 conference.
“We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis,” said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis.
RAK Digital Assets Oasis will be a purpose-built, true innovation-enabling free zone for non-regulated activities in the virtual assets sector. It is intended to be the only free zone in the world solely dedicated to digital and virtual assets service providers innovating in new and emerging sectors of the future including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses. RAK Digital Assets Oasis will open for applications in the second quarter of 2023.
Ras Al Khaimah has developed a reputation as a hub for international business that is politically stable, has a forward-thinking, accommodating, and quick-to-adapt philosophy, as well as an environment that fosters innovation in a key time zone that bridges the gap between financial centres in the West and the East.