Sheikh Saud bin Saqr Al Qasimi, the ruler of the Emirate of Ras Al Khaimah (RAK), one of the seven emirates of the United Arab Emirates (UAE), has introduced laws to establish the world’s first free zone dedicated to digital and virtual assets companies.
RAK Digital Assets Oasis is an independent governmental authority affiliated with the newly created ‘Department of the Future’. The new law grants RAK Digital Assets Oasis financial, administrative, and legislative independence. This also enables it to function as a purpose-built, innovation-enabling free zone in the virtual asset sector.
Alongside the launch of the governmental authority, Sheikh Saud bin Saqr Al Qasimi also announced another law, aiming to enhance economic growth and diversification in the Emirate of RAK; promote its growing status as a hub for innovation; and enhance its competitiveness as an economic and global destination for business.
‘Gateway for global digital and virtual assets companies’
Sheikh Saud bin Saqr Al Qasimi discussed the introduction of the new laws and zone for virtual assets. He explained: “The Emirate of Ras Al Khaimah has been playing a leading role in national efforts to strengthen the UAE’s diversified, sustainable economy.
“With the nation’s focus on digitalisation and encouraging enterprises of the future, RAK Digital Assets Oasis will serve as the gateway for global digital and virtual assets companies to establish their operations and also grow their business. Our commitment is to provide an inspiring, innovation-centric environment that helps realise bright ideas that have a transformational impact on the world.
“The new free zone will further cement Ras Al Khaimah’s reputation as a destination of choice for next-generation business ventures and the economy of the future. Ras Al Khaimah’s unique combination of accessibility, agility, and liveability will foster responsible innovation and position the UAE at the forefront in driving the most successful disruptive tech transformations of the coming decades.
“Our focus is promoting entrepreneurship, including the digital and virtual assets sector, which thrives on innovation and speed. The new free zone will also encourage young talent to implement their powerful ideas for the digital world, as well as drive global digital players to expand their footprint through our free zone, which will add incremental value to the economy by creating new jobs and promoting inward investment. RAK Digital Assets Oasis will be a key economic growth engine for Ras Al Khaimah, as well as the wider region.”
RAK Digital Assets Oasis opens for applications in the second quarter of 2023, becoming the only free zone in the world exclusively for digital and virtual asset companies innovating in new and emerging sectors.