The authorities of the Emirate of Ras Al Khaimah are planning to launch a free zone for crypto companies. Called RAK Digital Assets Oasis, this free zone will allow crypto businesses to take advantage of preferential regulatory and economic frameworks. Through the establishment of the very first free zone dedicated to crypto companies in the world, the United Arab Emirates confirms its status as a hub of the crypto sector.
A Freezone to support crypto companies
Ras Al Khaimah, one of the seven emirates of the United Arab Emirates (UAE), will soon launch a free zone for crypto companies. Named RAK Digital Assets Oasis, this freezone (free zone) dedicated to crypto companies is the first in the world. The announcement was made on February 27, by Sameer Al Ansari at the Blockchain Life 2023 event. CEO of RAK ICC, Sameer Al Ansari will also lead the Digital Assets Oasis.
RAK Digital Assets Oasis is created to support innovation and adoption of cryptocurrency. Crypto companies established in this free zone will notably have access to multiple advantages: hybrid workspaces, accelerators, incubators and a play-ground to test products. RAK Digital Assets Oasis will also offer its partner easy access to financing. Professional advice will also be provided to crypto businesses that want it. It is not excluded that tax reductions are also at the rendez-vous.
The establishment of the free zone dedicated to crypto businesses strengthens the position of the United Arab Emirates as a preferred destination for crypto innovation. Samer Al-Ansari, the CEO of the RAK Digital Assets Oasis hopes that crypto entrepreneurs around the world will take full advantage of this free zone to shape the future of the economy.
We look forward to welcoming the world’s brightest Web3 minds with their ideas for creating a better future. We are committed to empowering the next generation of global entrepreneurial talent to create transformative solutions and create impact, while shaping the future of businesses and economies.Sameer Al Ansari, CEO of RAK Digital Assets Oasis
The United Arab Emirates (UAE) Consolidates its Status as a Crypto Leader
In many countries, crypto businesses face significant restrictions. This is particularly the case now in the USA Or in Canada where crypto exchanges are forced to suspend certain services. It is therefore obvious that the RAK Digital Assets Oasis there will certainly be no shortage of candidates. This should boost the local economy and enhance the well-being of local people. A bet won for local authorities. They plan to open applications for the RAK Digital Assets Oasis At second quarter of 2023.
Other UAE emirates are also hard at work creating an attractive environment for crypto businesses. Dubai, for example, has implemented the Dubai Multi Commodities Center (DMCC). This center which is instrumental in creating an environment for crypto businesses to operate in the UAE. The emirate of Dubai has also put in place a comprehensive regulatory framework of the crypto sector to attract investors.
As several countries battle crypto, the UAE is bustling to be the base of this industry. The economic benefits in terms of business creation and increased tax revenue are already there. The economic fallout will arguably be greater as the crypto market matures.
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