RAK Establishes World’s First Digital Asset Free Zone

RAK Digital Assets Oasis, the first free zone for digital and virtual asset enterprises, will be launched by the Ras Al Khaimah government. Blockchain Life 2023 announced it on Monday.

RAK Digital Assets Oasis will be a non-regulated virtual assets free zone that fosters innovation. It will be the first free zone in the world devoted to digital and virtual assets service providers developing in future sectors including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related enterprises.

RAK Digital Assets Oasis will accept applications in Q2 2023.

Commenting on the new free zone, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis, 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.”

RAK ICC and Digital Assets Oasis CEO Dr. Sameer Al Ansari announced:

“I am privileged to help implement the forward-thinking vision of the leadership of Ras Al Khaimah to enable, foster, and promote innovation in new and emerging sectors of the future. With the UAE’s established reputation as an innovation hub, RAK Digital Assets Oasis delivers a truly unique offering to global entrepreneurs bringing together an unmatched combination of accessibility and liveability, supported by Ras Al Khaimah’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. 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,” added Dr. Al Ansari.

Ras Al Khaimah is a worldwide commercial hub with political stability, a progressive, supportive, and quick-to-adapt attitude, and an innovation-enabling environment in a critical time-zone that bridges financial capitals in the West and East.

RAK Digital Assets Oasis’ unique lifestyle proposition will support companies with robust, innovation-enabling adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, funding, and an environment that encourages entrepreneurs to imagine, create, and evolve.

The free zone supports the UAE’s innovative leadership. RAK Digital Assets Oasis will be a remote-work-friendly, internationally linked hub for digital and virtual asset firms developing novel business models for the region’s burgeoning markets.

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