Ras Al Khaimah (UAE) government has announced its plans to establishes the world’s first free zone for digital and virtual asset companies, called RAK Digital Assets Oasis.
Sheikh Mohammad Bin Humaid Bin Abdullah Al Qasimi, chairman of RAK International Corporate Centre (RAK, ICC), revealed the plans at Blockchain Life 2023 event.
The Chairman of RAK International Corporate said they are proud to transform UAE as the central hub for innovation with RAK Digital Assets Oasis.
In addition, he also said that they hope to support entrepreneurs through a progressive and innovation-friendly environment in the free zone.
Dr Sameer Al Ansari, CEO of RAK Digital Assets Oasis, also stated that he is honoured to assist in the execution of RAK leadership’s mission to foster innovation. He also talked about his happiness in welcoming Web3 professionals and their groundbreaking ideas.
The project aims to develop an adaptive, inclusive community with possibilities to attract worldwide entrepreneurs.
RAK is a “purpose-built innovation enabling free zone for non-regulated activities in the virtual assets sector”.
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.
Free Trade Zones are the dedicated areas where companies can operate with 100% foreign ownership, no corporate tax, no customs duties or personal income tax.
However, it also facilitates streamlined procedures for business setup, including simplified licensing and registration.
The UAE is constantly working and establishing new strategies towards the digital asset economy. Therefore, it has planned to create a dedicated crypto-friendly free zone for global companies.
The UAE has showcased itself as a forward-thinking hub for crypto forms seeking a more favourable regulatory environment.
One of the most notable initiatives was creating the Dubai Multi Commodities Centre (DMCC) crypto centre. In addition, the government has also taken the initiative to regulate the crypto industry.
“The Regulation Of Stored Values and Electronic Payment Systems” was introduced in 2017 by the UAE government.
Alas, the government and taken multiple initiatives to support the development of blockchain technology. Even the Dubai Blockchain strategy 2020 aims to make Dubai a blockchain-powered city by 2020.
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