The administration of Ras Al Khaimah (UAE) has announced intentions to establish RAK Digital Assets Oasis, the world’s first free zone for firms dealing in digital and virtual assets.
Sheikh Mohammad Bin Humaid Bin Abdullah Al Qasimi, chairman of RAK International Corporate Centre, revealed the plans during the Blockchain Life 2023 event (RAK, ICC).
The chairman of RAK International Corporation remarked that they are happy to turn the UAE into the key innovation hub with RAK Digital Assets Oasis.
He also stated that they aimed to assist enterprises by fostering a dynamic and innovative atmosphere in the free zone.
Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis, stated that it is an honour for him to assist RAK leadership in achieving its goal of promoting innovation.
He also expressed his delight at receiving Web3 professionals and their innovative ideas.
The project’s purpose is to establish a welcoming, flexible community that can attract businesspeople from all over the world.
RAK is a “designated free zone for non-regulated activities in the virtual assets industry,” encouraging innovation.
A free zone is a policy that allows businesses and organisations to operate in an environment with less legal constraints and tax costs. The primary objectives are to stimulate economic growth and attract foreign investment.
Free trade zones allow enterprises to operate with 100% foreign ownership, no corporate tax, no customs duties, and no personal income tax.
Nonetheless, it makes it easier for firms to develop efficient processes, such as faster licencing and registration.
The UAE is always developing new strategies for the economy of digital assets. As a result, it aims to establish a crypto-friendly special free zone for multinational firms.
The UAE has emerged as a cutting-edge hub for bitcoin forms seeking a more accommodating regulatory framework.
One of the most visible developments was the establishment of the Dubai Multi Commodities Centre (DMCC) crypto centre. Likewise, the government has moved to restrict the bitcoin industry.
The UAE government issued “The Regulation of Stored Values and Electronic Payment Systems” in 2017.
Sadly, the government has launched a number of steps to support the expansion of blockchain technology. According to the Dubai Blockchain Strategy 2020, Dubai will be a blockchain-powered metropolis by 2020.