The first free zone in the world devoted to businesses dealing in crypto and virtual assets will be launched by the Ras Al Khaimah (RAK) government. During Blockchain Life 2023 today. The Ras Al Khaimah Digital Assets Oasis combines advanced digital asset regulation with top-notch infrastructure to support creative tech businesses.
Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the head of RAK ICC and RAK Digital Assets Oasis, commented on the new free zone and stated:
We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future.
He also said, As the world’s first free zone solely dedicated to digital and virtual asset companies. We look forward to supporting the ambitions of entrepreneurs worldwide with our progressive. Supportive and quick-to-adapt approach and innovation-enabling environment.
Irina Heaver, a Dubai-based crypto lawyer, stated that corporate registrations, office rent, and other services would utilize crypto payments like Bitcoin and stablecoins when there is sufficient infrastructure.
Heaver said that to help the crypto payment project, RAK DAO will consider operating nodes for Bitcoin and Lightning. RAK DAO aims to serve as a dedicated free zone for digital and virtual asset service providers involved in the blockchain, metaverse, utility tokens, digital wallets, nonfungible tokens, decentralized autonomous organizations (DAOs), decentralized applications, and other Web3-related businesses.
In addition, to fostering regulated and unregulated activities, RAK DAO will serve the “entire chain of companies in the virtual assets space,” Heaver said. As the living and business costs in Ras Al Khaimah are 50% lower than in Dubai, Heaver sees the emirate’s free zone as an excellent opportunity for startup companies.
Ras Al Khaimah’s Crypto Assets Oasis
The UAE has over 40 free zones, including the Dubai Multi Commodities Centre (DMCC) and Dubai International Financial Centre (DIFC). Heaver said the UAE government would help VASPs by providing banking assistance through its entities and relationships to attract them.
Heaver disclosed that RAK DAO is exploring “creating the right legal wrapper for DAOs,” among other things. According to Heaver, the new free zone allows entrepreneurs to base their businesses in one location. This helps them avoid the need to structure multiple entities in multiple jurisdictions, which can add costs and time. She believes this.
The lawyer noted that cities and cantons in Switzerland have been accepting crypto payments for years. She believes the UAE has already laid the groundwork for accepting Bitcoin payments. She urged technology partners to join RAK DAO on this journey.