The first free zone in the world devoted to businesses dealing in digital and virtual assets will be opened by the Ras Al Khaimah (RAK) government. The announcement was made today at Blockchain Life 2023.
Commenting on the new free zone, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK International Corporate Centre (RAK ICC) and Chairman of RAK Digital Assets Oasis, said, “We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future. As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive, and quick-to-adapt approach, and our innovation-enabling environment.”
Making the announcement, Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis, said, “I am privileged to help implement the forward-thinking vision of the leadership of Ras Al Khaimah to enable, foster, and promote innovation in new and emerging sectors of the future. With the UAE’s established reputation as an innovation hub, RAK Digital Assets Oasis delivers a truly unique offering to global entrepreneurs bringing together an unmatched combination of accessibility and liveability, supported by Ras Al Khaimah’s business-friendly infrastructure, progressive policies, and an international lifestyle offering.”
For illegal activities in the virtual assets industry, RAK Digital Assets Oasis will be a purpose-built, genuine innovation-enabling free zone. It is designed to be the only free zone in the entire globe devoted to digital and virtual asset service providers who are developing in the upcoming metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related industries. Applications for the RAK Digital Assets Oasis will be accepted starting in the second quarter of 2023.
“We look forward to welcoming the world’s brightest Web3 minds with their most disruptive ideas that uncover new approaches to creating a better future. We are committed to empowering the next generation of global entrepreneurial talent to build transformative solutions and create impact, while shaping the future of businesses and economies,” Dr. Al Ansari added.
Ras Al Khaimah has developed a reputation as a hub for international business that is politically stable, has a forward-thinking, accommodating, and quick-to-adapt philosophy, as well as an environment that fosters innovation in a key time zone that bridges the gap between financial centres in the West and the East. With robust, innovation-enabling adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, access to funding, and a setting that supports entrepreneurs in their ideas, RAK Digital Assets Oasis’ distinctive lifestyle proposition will support businesses.
The free zone supports the UAE’s status as a top location for innovation. For digital and virtual asset entrepreneurs developing cutting-edge business models for the future that will be well-positioned to tap into the region’s emerging markets, RAK Digital Assets Oasis will be a remote-work-friendly, internationally linked destination.