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RAK Ruler Issues Law To Establish First Free zone Dedicated To Digital And Virtual Asset Companies

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RAK Ruler Issues Law To Establish First Free zone Dedicated To Digital And Virtual Asset Companies

UAE is attracting the world’s attention by implementing new innovations every day. Ras Al Khaimah has made an effort by establishing new legislation as a benefit. His Highness Sheikh Saud bin Saqr Al Qasimi, published the law on Sunday creating the RAK Digital Asset Free Zone.

The newly formed free zone will offer a legal framework for companies engaged in the digital asset sector, which includes blockchain technology, cryptocurrencies, and other related fields. 

The Ras Al Khaimah Digital Asset Free Zone will offer a regulatory framework for businesses engaged in the creation and custody of digital assets.

Which includes cryptocurrencies, as well as virtual assets like in-game items and digital collectibles. The new law, which was published on March 21, 2023, creates the free zone. The movement is a milestone in UAE’S legislative history.

RAK has made a key step towards becoming a global hub for digital and virtual asset enterprises

Sheikh Saud bin Saqr Al Qasimi has appointed Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi as Chairman and Dr. Sameer Al Ansari as CEO of RAK Digital Assets Oasis to head the effort.

Sheikh Mohammed serves as RAK International Corporate Centre’s (RAK ICC) Chairman as well as a Board Member and Managing Director of RAKEZ. Dr. Sameer Al Ansari serves as RAK ICC’s CEO and a member of the Board of Directors of Marjan, Ras Al Khaimah’s premier master developer.

RAK has made a key step towards becoming a global hub for digital and virtual asset enterprises

The action will support RAK’s positioning as a regional leader in the digital asset industry and the development of the free zone is consistent with the emirate’s commitment to fostering innovation and recruiting new businesses. The move will help RAK maintain its position as a leader in the local digital asset market.

Ras Al Khaimah will be aligned as a leader in innovation and entrepreneurship in the digital and virtual assets sector thanks to the new department, which will play a crucial role in fostering innovation and advancing the Emirate’s economic development in the digital age.

The RAK Digital Asset Free Zone will provide a number of advantages to enterprises wishing to establish a presence in the region. Including the opportunity to repatriate capital and earnings, 100% foreign ownership, and no income or profit taxes. The new free zone is projected to mark a wide spectrum of businesses, including blockchain start-ups, cryptocurrency exchanges, and suppliers of custody services for digital assets.

His Highness Sheikh Saud also introduced Law No. 1 of 2023, which details the creation of the Department of the Future, in addition to the development of RAK Digital Assets Oasis. 

The Digital Assets Oasis, with its complete, custom, and innovation-enabling digital asset approach, will be the first free zone in the world devoted to firms that deal in digital and virtual assets. The formation of the free zone, according to the ruler of Ras Al Khaimah, is consistent with the emirate’s commitment to fostering innovation and recruiting new businesses. 

The act will help RAK maintain its position as a regional leader in the digital asset sector. The development of the free zone also aligns with the emirate’s dedication to promoting innovation and luring new firms. The action will assist RAK in ensuring it leads the market on digital assets.

RAK Digital Assets Oasis will be able to accomplish its goals of encouraging entrepreneurship and innovation, luring domestic and foreign investment, and establishing a flexible business environment that expands opportunities for success and prosperity with the help of its vast experience in a variety of leadership roles in the Emirate.

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Commenting on the new law, Sheikh Saud bin Saqr Al Qasimi said: “The establishment of the Ras Al Khaimah Digital Asset Free Zone is a reflection of our commitment to fostering innovation and supporting the growth of new and emerging industries in our emirate.”

He added: “We believe that digital assets and virtual assets have the potential to transform many aspects of our economy, and we are excited to create an environment in which these industries can thrive.”

Several professionals are complimenting this digital strategy as a milestone. Ahmed Bin Sulayem, Executive Chairman and CEO of the Dubai Multi Commodities Center, called the creation of the RAK Digital Asset Zone “a significant development for the industry and underlines the UAE’s commitment to supporting innovation and entrepreneurship”

The establishment of RAK digital city is a significant milestone in the UAE’s journey towards becoming a leading hub for innovations and technology’ The Free Zone will provide a range of benefits to digital and virtual asset companies. Other nations are keeping an eye on the UAE’s future actions and drawing inspiration from it.

Alveera Khan is a passionate writer and blogger with a deep love for exploring new places and cultures. She is particularly enamored with Dubai's unique cultural blend, which serves as a constant source of inspiration for her writing. Alveera is known for her unbiased opinions and free-thinking approach to life, which allows her to offer fresh perspectives on a wide range of topics. She is also highly skilled in news writing and is always up-to-date on the latest current affairs

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