World’s First Freezone Dedicated to Digital & Virtual Assets Companies to be opened in RAK

On March 20, 2023, H.H. Sheikh Saud bin Saqr Al Qasimi, a Supreme Council Member and Ruler of Ras Al Khaimah, enacted laws to initiate the world's first free zone explicitly for companies dealing with digital and virtual assets, known as the Ras Al Khaimah Digital Assets Oasis.

?

This ground-breaking initiative was established under Law No. 2 of 2023 and is an independent governmental authority linked to the newly created Department of the Future. This law grants the RAK Digital Assets Oasis financial, administrative, and legislative independence, allowing it to operate as a purpose-built, innovation-enabling free zone in the virtual assets sector.

?

The Ras Al Khaimah Digital Assets Oasis is a pioneer in its field, being the first free zone globally dedicated to digital and virtual asset companies. Its approach is comprehensive, bespoke, and innovation-enabling for digital assets, making it an ideal environment for companies in this sector.

?

In addition to creating the RAK Digital Assets Oasis, Sheikh Saud announced Law No.1 of 2023, which outlines the establishment of the Department of the Future. This department aims to stimulate economic growth and diversification in Ras Al Khaimah, promoting its growing status as an innovation hub and enhancing its competitiveness as a global business destination.

?

Sheikh Saud emphasized that the Emirate of Ras Al Khaimah has been a key player in national efforts to bolster the UAE's diversified, sustainable economy. With a national focus on digitalization and fostering future enterprises, the RAK Digital Assets Oasis will serve as a gateway for global digital and virtual assets companies to establish their operations and grow their businesses.

?

Sheikh Saud also expressed his commitment to providing an inspiring, innovation-focused environment that aids in realizing bright ideas with a transformational impact on the world. The new free zone will further solidify Ras Al Khaimah's reputation as a preferred destination for next-generation business ventures and the economy of the future.

?

To lead this initiative, 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. Their extensive experience in various leadership positions within the Emirate will be invaluable in achieving the objectives of promoting entrepreneurship and innovation, attracting national and foreign investments, and creating a flexible business environment that enhances opportunities for success and prosperity.

?

RAK Digital Assets Oasis will open for applications in the second quarter of 2023. It will be the only free zone in the world exclusively for digital and virtual asset companies that are innovating in new and emerging sectors, such as the metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.