New UAE Freezone to Focus on Digital and Virtual Assets Companies
The UAE Supreme Council Member and Ruler of Ras Al Khaimah, Sheikh Saud bin Saqr Al Qasimi, has announced the establishment of the world’s first free zone dedicated to digital and virtual assets companies. Under Law No. 2 of 2023, the Ras Al Khaimah Digital Assets Oasis will operate as an independent governmental authority, connected to the newly created Department of the Future.
The law provides the Oasis with financial, administrative, and legislative independence, enabling it to operate as an innovation-enabling free zone in the virtual assets industry. The Digital Assets Oasis will be the world’s first free zone exclusively focused on digital and virtual asset companies, and will offer a bespoke and innovation-enabling approach to digital assets.
Additionally, His Highness also announced Law No. 1 of 2023, which establishes the Department of the Future, aimed at promoting economic growth and diversification, as well as innovation, in the Emirate of Ras Al Khaimah. The new department will play a key role in driving the Emirate’s digital-age economic growth, positioning Ras Al Khaimah as a leader in innovation and entrepreneurship in the digital and virtual assets sectors.
Sheikh Saud bin Saqr Al Qasimi said that Ras Al Khaimah has been playing an essential role in strengthening the UAE’s diversified and sustainable economy, and the establishment of RAK Digital Assets Oasis will provide a gateway for global digital and virtual asset companies in setting up operations and expanding their business. His Highness emphasized the goal of creating a conducive and innovation-centric environment that enables transformational change in the world.
RAK Digital Assets Oasis will become the only free zone worldwide that is exclusively dedicated to digital and virtual asset companies, such as blockchain, utility tokens, metaverse, virtual asset wallets, DAOs, NFTs, DApp, and other Web3-related businesses. The free zone will open for applications in the second quarter of 2023. Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi will serve as Chairman, and Dr. Sameer Al Ansari will serve as CEO of RAK Digital Assets Oasis.