- Ras Al Khaimah is set to establish a free zone for businesses dealing in digital and virtual assets,.
- It will be reserved for companies that provide services in cutting-edge fields like the metaverse.
- It will be available in the second quarter of 2023.
One of the seven Emirates of the United Arab Emirates (UAE), Ras Al Khaimah, is getting ready to establish a free zone for businesses dealing in digital and virtual assets as the nation’s approach to the sector continues to draw in major players from around the world.
A “purpose-built, innovation-enabling free zone for unregulated activities in the virtual assets sector,” the RAK Digital Assets Oasis (RAK DAO) will be. The statement stated that applications would be available in the second quarter of 2023.
The free zone will be reserved for companies that provide services for digital and virtual assets in cutting-edge fields like the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and other Web3-related enterprises.
“We are constructing the future free zone for future companies,” said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of the RAK International Corporate Centre, which operates the new free zone. “As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the global ambitions of entrepreneurs.”
Except for the UAE’s criminal law, free zones or free-trade zones are areas where entrepreneurs own 100% of their businesses and have their own tax schemes and regulatory frameworks.