Arab Emirate to Establish Crypto Company Free Zone

Last updated on March 3rd, 2023 at 05:00 pm

Ras Al Khaimah, one of the seven Arab Emirates, has unveiled plans to launch RAK Digital Assets Oasis (RAK DAO), a digital and virtual asset market free trading zone, to attract crypto and virtual asset companies and establish itself as a global crypto and digital asset investment destination. This announcement was made at the Blockchain Life 2023 Conference.

RAK DAO will be the world’s first free trading zone exclusively for digital and virtual asset companies. It will be a purpose-built free zone that encourages innovation in virtual assets, dedicated to service providers in emerging technologies such as blockchain, NFTs, metaverse, Web3, DApps, and DAOs.

Ras Al Khaimah is following in the footsteps of Dubai and other Emirates that are making moves to encourage investments in digital and virtual assets. Dubai took a significant step in March 2022 by establishing laws to regulate virtual assets and creating a regulatory authority to enforce them.

Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors. pic.twitter.com/LuNtuIW8FM
— HH Sheikh Mohammed (@HHShkMohd) March 9, 2022

While approving the Dubai Virtual Asset Regulation Law, Sheikh Mohammed bin Rasheed, prime minister and ruler of the United Arab Emirates, tweeted that the goal is to establish the UAE and Dubai’s position as key players in designing the future of virtual assets globally.

The RAK DAO aims to align with the prime minister’s words of making the UAE a leading hub for innovation in the virtual assets space. Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi believes the project will boost UAE’s position as the leading destination for virtual and digital assets innovation.

He said, “We are building the free zone of the future for companies of the future. As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive, and quick-to-adapt approach and our innovation-enabling environment”.

Irina Heaver, a Dubai-based crypto lawyer, tweeted in support of the project saying that the RAK DAO caters to the needs of crypto entrepreneurs and founders.

🔥BREAKING NEWS🔥
Ras Al Khaimah Government announces a purpose built crypto free zone with positive regulations catering to the needs of crypto entrepreneurs
🇦🇪🇦🇪@RAK_DAO pic.twitter.com/cTPiXtvg1V
— Irina ₿. Heaver (@IrinaHeaver) February 27, 2023

Once you apply for a RAK DAO entity you will also be entitled to a bank account.
Every crypto entrepreneur needs this 👏
— Irina ₿. Heaver (@IrinaHeaver) February 27, 2023

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