March 1, 2023

Ras Al Khaimah Eyes Launching Free Zone for Digital, Virtual Asset Firms

Ras Al Khaimah

Ras Al Khaimah

Ras Al Khaimah of the UAE plans to open a free zone for digital and virtual asset firms in line with the country’s efforts to attract crypto players and be a global hub for virtual assets, according to Cointelegraph.

Named “RAK Digital Assets Oasis (RAK DAO),” the free zone will be a purpose-built and innovation-enabling free zone for non-regulated activities in the virtual assets sector. Applications for the free zone will be available in the second quarter of 2023, according to a statement by the emirate’s government.

In this regard, Chairman of the RAK International Corporate Center, which will operate the free zone, Sheikh Mohammed Al Qasimi said this free zone is the first of its type in the world as it will be specialized for digital and virtual asset companies, which are working in the fields of the metaverse, blockchain, utility tokens, DAOs, NFTs, virtual asset wallets, and Web3-related activities.

“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 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,” Qasimi noted.

Free zones or free-trade zones are economic areas where business owners have 100% ownership of their organizations and tend to have preferential tax schemes.

The UAE crypto sector is among the highest in the world in terms of job opportunities and salaries, making it the biggest Gulf market for those who are seeking a career in the cryptocurrency field, according to new research.

Research conducted by London-based CoinJournal said the UAE comes in ninth place of the world’s top 10 countries having crypto jobs. The UAE has 137 crypto career listings or 14.51 jobs per one million people, more than countries Germany, France, Canada, and Australia.

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