RAK Digital Assets Oasis
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- Categories: All Blog Posts, Company Setup, Free Zone License, RAK Free Zone Authority
Ras Al Khaimah has announced the launch of the world’s first free zone solely dedicated to digital and virtual asset companies, the RAK Digital Assets Oasis. The announcement was made by Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of RAK ICC and chairman of RAK Digital Assets Oasis, during the Block chain Life 2023 event on February 27.
Purpose-built Free Zone for Digital and Virtual Asset Companies
The RAK Digital Assets Oasis will be a purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector. It will be the only free zone worldwide solely dedicated to digital and virtual assets service providers in sectors like metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses. The free zone will open for applications in Q2 2023.
Global Digital Hub
Dr Sameer Al Ansari, CEO of RAK ICC and CEO of Digital Assets Oasis, said that with the UAE’s established reputation as an innovation hub, the RAK Digital Assets Oasis will provide a unique offering to global entrepreneurs. The free zone will offer accessibility and livability supported by Ras Al Khaimah’s business-friendly infrastructure, progressive policies, and international lifestyle.
Benefits for Digital and Virtual Asset Companies
RAK Digital Assets Oasis will offer benefits to companies such as robust adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, access to funding, and an environment that encourages entrepreneurs to imagine, create and evolve. It aligns with the UAE’s position as a primary destination for innovation and will be a remote-work-friendly, globally connected destination for digital and virtual asset companies building business models for the future that will be well-positioned to tap into the region’s emerging markets.
Investment in Tourism Sector
In other news, Ras Al Khaimah is also planning to attract 40 million hotel guests across the UAE and aims to bolster new investment in its tourism sector. It anticipates over 5,600 keys by 2026.
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