Ras Al-Khaimah: Government announces new “RAK Digital Assets Oasis” free zone

published on 13 March 2023 | reading time approx. 2 minutes

In the last year, the UAE developed new legislation and new authorities regarding virtual assets. On February 28th 2022, the government of Dubai issued the Law No. (4) of 2022 (“Dubai Virtual Asset Regulation Law”), providing standards for virtual asset industry governance. In March 2022, it established the independent Virtual Asset Regulatory Authority (Vara) to regulate the Virtual Asset sector across Dubai. In September 2022, the Abu Dhabi Financial Services Regulatory Authority, published guiding principles on its approach to virtual asset regulation and supervision.

At the Blockchain Life 2023 event, the government of Ras Al-Khaimah, another Emirate of the UAE, has announced its plan to launch the world’s first free zone “for the companies of the future” exclusively dedicated to alternative (digital and virtual) asset companies. It is called the “Ras Al-Khaimah Digital Assets Oasis”. The free zone is considered to be the next step to cement the UAE’s position as a leading destination for innovation as it seeks to grow its non-oil economy. Applications for the free zone will be accepted within the second quarter of 2023.

According to the statement, the new free zone is focused on new, non-regulated activities and emerging sectors, including, but not limited to the blockchain, metaverse, non-fungible tokens (NFTs), virtual asset wallets and decentralized applications.

The new free zone aims to welcome companies with disruptive ideas that explore new innovations to create a better future. Residing companies will be assisted with incentives such as innovation-enabling adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, access to funding and an entrepreneur-friendly environment.

Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis, added that: “the RAK Digital Assets Oasis is committed to empower the next generation of global entrepreneurial talent to build transformative solutions and create impact, while shaping the future of businesses and economies.“

With the UAE’s established reputation as an innovation hub and its attraction to global investors and entrepreneurs, the RAK Digital Assets Oasis will be a “game-changer” in the digital and virtual asset industry, delivering a truly unique offer to business-owners and entrepreneurs from all over the world, bringing together a unique combination of accessibility and arabian liveability, supported by Ras Al-Khaimah’s business-friendly infrastructure and progressive policies.

The UAE has been investing heavily in developing its infrastructure and implementing policy reforms to attract more foreign entrepreneurs and businesses to the country, to draw more foreign direct investment in the territory. The launch of RAK Digital Assets Oasis will strengthen the UAE’s position in the global market. According to the Dubai Chamber of Digital Economy, the RAK Digital Assets Oasis is expected to triple the national digital economy to more than 140 billion USD in 2031 and provide unique opportunities for digital and virtual asset companies. It will also contribute to the UAE’s goal of becoming a global leader in the digital economy.

According to Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, the country aims to attract at least 300 digital companies within the first phase of the “NextGenFDI” initiative.

If you need any assistance with your application for the Ras Al-Khaimah Digital Assets Oasis free zone or if you just want to discuss your digital assets related business options within the new free zone and how your company can benefit from the advantages of the Ras Al-Khaimah Digital Assets Oasis, it would be our pleasure to assist you.