The world’s first digital asset free zone will be established thanks to legislation sponsored by Sheikh Saud bin Saqr Al Qasimi.
The Ras Al Khaimah Emirate’s (RAK) ruler, Sheikh Saud bin Saqr Al Qasimi, has submitted legislation to create the first free zone in the world devoted to businesses dealing in digital and virtual assets.
RAK Digital Assets Oasis is an independent government body affiliated to the recently founded “Department of the Future.” The new law grants RAK Digital Assets Oasis financial, administrative, and legal independence. As a result, it can serve as a virtual asset innovation free zone.
Sheikh Saud bin Saqr Al Qasimi and the governing council filed new legislation to boost RAK’s trade and economic competitiveness.
Global digital and virtual asset companies’ entry point
Sheikh Saud bin Saqr Al Qasimi discussed the implementation of new laws and a virtual asset zone. Ras Al Khaimah has led national efforts to improve the UAE’s diverse, sustainable economy, he said.
The nation’s digitization and entrepreneurship will assist RAK Digital Assets Oasis create and build worldwide digital and virtual asset firms. Our commitment is to deliver an inspiring, innovation-focused atmosphere that encourages amazing ideas that change the world.
The new free zone will cement Ras Al Khaimah’s status as a hub for future businesses and the economy. Ras Al Khaimah’s unique combination of accessibility, agility, and liveability will foster responsible innovation and position the UAE at the forefront of the most successful disruptive tech transformations in the coming decades.
“Our focus is promoting entrepreneurship, including the digital and virtual assets sector, which thrives on innovation and speed. The new free zone will also encourage young talent to implement their powerful ideas for the digital world, as well as drive global digital players to expand their footprint through our free zone, adding incremental value to the economy by creating new jobs and promoting inward investment. RAK Digital Assets Oasis will be a key economic growth engine for Ras Al Khaimah and the region.”
The RAK Digital Assets Oasis will open for applications in the second quarter of 2023, becoming the world’s only free zone for digital and virtual asset enterprises pioneering in new and growing areas.