UAE's Ras Al Khaimah govt set to launch free zone for digital, virtual asset companies

The Government of Ras Al Khaimah (RAK), UAE, is planning to launch RAK Digital Assets Oasis—a free zone dedicated to digital and virtual asset companies. The announcement was made at the international forum Blockchain Life 2023 on Monday.

RAK Digital Assets Oasis will be a purpose-built free zone aimed at enabling innovation for non-regulated activities in the virtual assets sector.

Intended to be the only free zone in the world to be entirely dedicated to digital and virtual assets service providers, RAK Digital Assets Oasis will open for applications in the second quarter of 2023, a report by Zawya said.

The digital and virtual assets service providers include those exploring emerging sectors, including non-fungible tokens (NFTs), blockchain, decentralised autonomous organisation (DAO), metaverse, utility tokens, and other businesses related to Web3.

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The free zone will support firms with adoption frameworks, accelerators and incubators, advisory and professional services, sandboxes, hybrid workspaces, access to funding, and an encouraging environment. It will also be remote-work friendly.

RAK Digital Assets Oasis provides a unique offering to global entrepreneurs, facilitating accessibility and liveability, supported by a business-friendly infrastructure, an international lifestyle provision, and progressive policies, stated Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis.