Ras Al Khaimah

RAK to launch first free zone for digital, virtual asset firms

Ras Al Khaimah (RAK), one of the UAE’s seven Emirates, has announced plans to set up RAK Digital Assets Oasis, the first free zone dedicated to digital and virtual asset companies, in a move aimed at supporting the ambitions of entrepreneurs from around the world.

Located in the northern emirate of Ras Al Khaimah, the free zone brings together bespoke, progressive, framework-defining digital asset legislation with world-class infrastructure to create a vibrant ecosystem where innovative technology enterprises thrive.

RAK Digital Assets Oasis will be a purpose-built, true innovation-enabling free zone for non-regulated activities in the virtual assets sector.

It is intended to be the only free zone dedicated to digital and virtual assets service providers innovating in new and emerging sectors of the future including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.

Announcing this at the Blockchain Life 2023 expo last month (February 27), RAK International Corporate Centre Chairman Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, said: "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."

 "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," stated Al Qasimi, also the Chairman of RAK Digital Assets Oasis.

 CEO Dr Sameer Al Ansari pointed out that with the UAE’s established reputation as an innovation hub, RAK Digital Assets Oasis delivers a truly unique offering to global entrepreneurs bringing together a combination of accessibility and liveability, supported by the emirate’s business-friendly infrastructure, progressive policies, and an international lifestyle offering.

 "We look forward to welcoming the world's brightest Web3 minds with their most disruptive ideas that uncover new approaches to creating a better future," he stated.

 "We are committed to empowering the next generation of global entrepreneurial talent to build transformative solutions and create impact, while shaping the future of businesses and economies," he added.