RAK to establish world’s 1st free zone for digital & virtual asset firms

  • Date: 20-Mar-2023
  • Source: GCC Business News
  • Sector:Technology
  • Country:UAE
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RAK to establish world’s 1st free zone for digital & virtual asset firms

UAE Supreme Council Member and Ruler of Ras Al Khaimah (RAK), His Highness Sheikh Saud bin Saqr Al Qasimi has issued laws to establish the world’s first free zone dedicated to digital and virtual assets companies.

Established under Law No. 2 of 2023, the Ras Al Khaimah Digital Assets Oasis is an independent governmental authority affiliated with the newly created Department of the Future.

The new law grants RAK Digital Assets Oasis financial, administrative, and legislative independence, allowing it to function as a purpose-built, innovation-enabling free zone in the virtual assets sector.

The RAK Digital Assets Oasis will be the world’s first free zone dedicated to digital and virtual asset companies, with a comprehensive, bespoke, innovation-enabling digital asset approach.

HH Sheikh Saud said that, “With the nation’s focus on digitalization and encouraging enterprises of the future, RAK Digital Assets Oasis will serve as the gateway for global digital and virtual assets companies to establish their operations and grow their business. The new free zone will further cement Ras Al Khaimah’s reputation as a destination of choice for next-generation business ventures and the economy of the future.”

In addition to the establishment of RAK Digital Assets Oasis, HH Sheikh Saud also announced Law No.1 of 2023,