RAK Digital Assets Oasis: World's First Free Zone for Crypto Asset Companies in UAE
The United Arab Emirates (UAE) has always been forward-thinking in the digital asset economy, and now it has planned to create the world's first free zone for digital and virtual asset companies. The free zone, RAK Digital Assets Oasis, is established by the Ras Al Khaimah (UAE) government, and it aims to develop an adaptive and inclusive community to attract global entrepreneurs.
The project was revealed by Sheikh Mohammad Bin Humaid Bin Abdullah Al Qasimi, chairman of RAK International Corporate Centre (RAK, ICC), at Blockchain Life 2023 event. The free zone is a purpose-built innovation-enabling zone for non-regulated activities in the virtual assets sector.
Free Zone: Path to Stimulate Economic Growth
A free zone is a path that allows organizations and companies to operate in an environment with legal regulations and tax relaxations. The primary purpose is to encourage foreign investment and stimulate economic growth. Companies in the free zone can operate with 100% foreign ownership, no corporate tax, no customs duties, or personal income tax.
Furthermore, free zones also facilitate streamlined procedures for business setup, including simplified licensing and registration. RAK Digital Assets Oasis will support entrepreneurs through a progressive and innovation-friendly environment in the free zone.
Supporting Blockchain Technology Development
The UAE government has taken multiple initiatives to support the development of blockchain technology. The Dubai Blockchain strategy 2020 aims to make Dubai a blockchain-powered city by 2020. In addition, the government introduced "The Regulation Of Stored Values and Electronic Payment Systems" in 2017 to regulate the crypto industry.
Crypto-Friendly Regulatory Environment
The UAE has showcased itself as a forward-thinking hub for crypto forms seeking a more favourable regulatory environment. Notably, it created the Dubai Multi Commodities Centre (DMCC) crypto centre, and now it plans to establish the world's first free zone for digital and virtual asset companies. Dr Sameer Al Ansari, CEO of RAK Digital Assets Oasis, stated that he is honoured to assist in the execution of RAK leadership's mission to foster innovation. He also expressed his happiness in welcoming Web3 professionals and their groundbreaking ideas.
Conclusion
RAK Digital Assets Oasis is a significant milestone towards the development of the digital asset economy, and it will help the UAE in its mission to become the central hub for innovation. The free zone will attract worldwide entrepreneurs, and it will facilitate streamlined procedures for business setup. Furthermore, it will support entrepreneurs through a progressive and innovation-friendly environment.
