Unleashing Digital Asset Companies’ Potential: UAE’s Newest Free Zone in Ras Al Khaimah
Last Updated on November 9, 2023 by Ameer Hamza
The UAE has been making remarkable strides in digital innovation, with the latest free zone in Ras Al Khaimah (RAK) dedicated solely to digital asset companies. This move is part of the UAE’s ongoing efforts to position itself as a global leader in digital innovation and support its diversification strategy.
Under Law No. 2 of 2023, Sheikh Saud bin Saqr Al Qasimi has established the RAK Digital Assets Oasis, an independent governmental authority that is affiliated with the Department of the Future. The UAE free zone will operate with complete financial, administrative, and legislative autonomy, allowing it to function as a purpose-built, innovation-enabling hub for the virtual asset sector. This unique world’s first-ever free zone will also provide an opportunity for investors and entrepreneurs to tap into the vast potential of the digital asset industry.
Strengthening Economic Growth And Enhancing Competitiveness
Ras Al Khaimah’s updated laws aim to elevate the emirate’s status as a hub for innovation, economic growth, and diversification while strengthening the UAE’s sustainable economy. With the establishment of RAK Digital Assets Oasis, Ras Al Khaimah is now poised to be a leading player in the digital and virtual assets sectors. It serves as a launchpad for global businesses looking to grow and succeed in the region’s rapidly evolving business landscape. As the nation’s focus shifts towards digitalization and the enterprises of the future, RAK Digital Assets Oasis is set to become a vital economic engine, driving growth and innovation for both the emirate and the wider region.
Attracting Entrepreneurs And Businesses To The UAE: Policy Reforms Underway
The UAE has been implementing policy reforms to foster a future economy with a keen focus on digitalization. To this end, regulatory agencies have worked tirelessly to streamline and monitor the digital asset industry by introducing robust laws and regulations. The March 2022 adoption of the Dubai Virtual Asset Regulation Law was a significant milestone, as it created a pioneering legal framework that enhances investor protection and ensures international governance standards in the virtual asset industry. These strategic initiatives position the UAE as a leading global destination for digital and virtual asset companies looking to establish themselves in a forward-thinking and supportive business environment.
A Purpose-Built Innovation-Enabled Hub For Digital Asset Companies
Starting from the second quarter of 2023, RAK Digital Assets Oasis will begin accepting applications exclusively from digital and virtual asset companies that operate in emerging fields like blockchain, the metaverse, non-fungible tokens, and decentralized autonomous organizations, among others. The UAE free zone will provide these companies with various support services such as advisory and professional services, access to funding, hybrid workspaces, accelerators and incubators, and adoption frameworks. By offering a comprehensive suite of services, RAK Digital Assets Oasis aims to be a one-stop shop for companies looking to establish themselves in the digital asset space.