(MENAFN) Ras Al Khaimah, one of the seven emirates of the United Arab Emirates (UAE), has established the world's first free zone dedicated to digital and virtual asset companies. The RAK Digital Assets Oasis was set up under Law No 2 of 2023 issued by the emirate's Ruler Sheikh Saud bin Saqr Al Qasimi. It will operate as an independent governmental authority affiliated with the newly created Department of the Future, with financial, administrative, and legislative independence. This will allow it to function as a purpose-built, innovation-enabling free zone in the virtual assets sector.
The initiative aims to support the emirate's diversification strategy and attract new businesses. The laws are part of efforts to bolster economic growth and diversification in Ras Al Khaimah, promote its status as a center for innovation, and enhance its competitiveness as an economic and global destination for business. The RAK Digital Assets Oasis will serve as the gateway for global digital and virtual assets companies to establish their operations and grow their business.
The establishment of the Department of the Future, outlined in Law No 1 of 2023, will drive the emirate's economic development in the digital age. Sheikh Saud bin Saqr Al Qasimi highlighted that Ras Al Khaimah has been playing a leading role in national efforts to strengthen the UAE's diversified, sustainable economy. The RAK Digital Assets Oasis will be a key economic growth engine for Ras Al Khaimah and the wider region. The aim is to provide an inspiring, innovation-centric environment that helps realise bright ideas that have a transformational impact on the world.
The UAE has been enacting policy reforms aimed at attracting more entrepreneurs and businesses to the country as it seeks to develop the future economy, with a focus on digitalisation. Regulatory agencies in the country have been adopting laws to streamline and supervise the digital asset industry. Last year, the Dubai Virtual Asset Regulation Law was adopted to provide an advanced legal framework to protect investors and provide international standards for the governance of the virtual asset industry.
The RAK Digital Assets Oasis is a significant step towards establishing the UAE as a leading destination for digital and virtual asset companies. The initiative will help the country achieve its goal of becoming a global hub for innovation and technology. It will also provide new opportunities for entrepreneurs and businesses to establish themselves in the UAE, contributing to the country's economic growth and diversification.
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