Ras Al Khaimah’s Digital Asset Oasis wants fair share of UAE’s free zone action

Ras Al Khaimah’s Digital Asset Oasis wants fair share of UAE’s free zone action

Dubai: Dubai’s got VARA. Abu Dhabi has the ADGM. And just recently, Ras Al Khaimah unveiled its RAK Digital Asset Oasis.

The messaging is clear – any crypto/virtual asset business out there wanting to operate in a dedicated environment, the UAE has it covered. What the UAE has been aiming for is an early-mover advantage when it comes to having a framework that would give these businesses adequate flexibility to find themselves.

James Bernard, Chief Commercial Officer at RAK Digital Assets Oasis, is pushing the mandate further. The free zone is ‘issuing business licenses supporting a broad range of Web3 and digital assets activities that do not require third-party regulatory oversight.

Should an activity that requires regulation be requested, then the client is directed to approach the appropriate regulatory body for that sector. - James Bernard

“RAK Digital Assets Oasis is the world’s first free zone specifically designed and focussed on attracting and supporting individuals and businesses from across the Web3, digital assets, and future tech space.” (VARA and ADGM require full-scale licensing across categories for virtual asset companies.)

There’s RAKEZ, which continues to be a magnet for new businesses, whether new entrants to the country or those ventures getting launched here.

Ras Al Khaimah has