UAE: New freezone announced; to be world’s first dedicated to digital and virtual asset companies

UAE: New freezone announced; to be world’s first dedicated to digital and virtual asset companies

It will open for applications in the second quarter of 2023

By Web Desk Published: Mon 20 Mar 2023, 2:10 PM Last updated: Mon 20 Mar 2023, 3:05 PM

His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, 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 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.

In addition to the establishment of RAK Digital Assets Oasis, His Highness also announced Law No. 1 of 2023, which outlines the establishment of the Department of the Future. The law aims to bolster economic growth and diversification in the Emirate of Ras Al Khaimah, promote its growing status as a hub for innovation, and enhance its competitiveness