Ras Al Khaimah Creates the First Freezone for Digital Assets: A New Gateway to the World of Blockchain and Cryptocurrency
The United Arab Emirates continues to assert its leadership in technology and innovation by inaugurating the first free zone for digital assets in Ras Al Khaimah. This bold initiative reaffirms the country's commitment to supporting the development of blockchain technology, cryptocurrencies, and digital assets while strengthening its position as a leading international financial center.
The sovereign of Ras Al Khaimah, Sheikh Saud bin Saqr Al Qasimi, inaugurated the new Oasis of Digital Assets in RAK (RAK DAO) on October 19th, a free zone dedicated to supporting businesses involved in digital and virtual assets, blockchain, Web3, and artificial intelligence (AI).
Renowned companies in partnership with RAK DAO
The launch event was graced by the presence of Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi and Dr. Sameer Al Ansari, respectively the Chairman and CEO of RAK Digital Assets Oasis, along with numerous high-ranking officials, business leaders, and digital innovators. World-renowned companies such as Binance, Metaengine, DEXE, SOLANA, and others also participated in this event on October 19, 2023.
Discussions centered around topics such as blockchain, artificial intelligence, and DAO. The CEO of BMW, Orbit from DEXE, and Humans.AI deliberated on news, the significance of emerging technologies, as well as the legal and regulatory framework to be established.
An agreement was also signed between Maryam Buti Al Suwaidi, the CEO of the Securities and Commodities Authority, and Sameer Al Ansari, the CEO of RAK DAO.
Progressive Regulatory Environment
The DAO has established a modern regulatory framework that promotes a safe and transparent environment for companies and investors in the digital assets sector. It has implemented streamlined licensing procedures and rigorous monitoring to prevent fraud and ensure compliance.
Attractive Tax Benefits
Companies based in the DAO will enjoy substantial tax benefits, including a period of corporate tax exemption. This will allow companies to reinvest their profits into their business development.
Cutting-Edge Infrastructure
Businesses will have access to quality offices, ultra-fast internet connectivity, and essential support services to facilitate their operations. The DAO has made significant investments in world-class infrastructure to meet the needs of the digital assets industry.
Access to a Global Market
Companies established in the DAO in Ras Al Khaimah will benefit from its proximity to other emirates of the United Arab Emirates, including Dubai and Abu Dhabi, providing easy access to national and international markets.
The creation of the Digital Assets Oasis in Ras Al Khaimah is a testament to the United Arab Emirates' commitment to playing a key role in the future of blockchain technology, cryptocurrencies, and digital assets. As these assets continue to gain importance in the global economy, the DAO is poised to become a preferred destination for businesses and investors in the sector.
In conclusion, the opening of the Digital Assets Oasis in Ras Al Khaimah marks a significant turning point in the development of the digital assets industry in the United Arab Emirates. With its favorable regulatory framework, tax benefits, cutting-edge infrastructure, and access to global markets, the DAO provides an ideal environment for companies looking to thrive in the burgeoning digital assets sector.
Ras Al Khaimah's DAO has the potential to become a major hub for innovation and the development of blockchain technology and digital assets in the Middle East and beyond. It also positions Ras Al Khaimah as a key player in the ongoing digital revolution, contributing to the growth of the emirate and the national economy of the United Arab Emirates.
