Ras al Khaimah (RAK) government has revealed plans to establish the world’s 1st free zone for digital and virtual asset companies, called RAK Digital Assets Oasis.
Chairman of RAK International Corporate Centre (RAK ICC), Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, made the announcement at Blockchain Life 2023 event.
He said that they’re proud to transform UAE as the main hub for innovation with RAK Digital Assets Oasis. He remarked that they hope to support entrepreneurs through a progressive and innovation-friendly environment at the free zone.
CEO of RAK Digital Assets Oasis, Dr. Sameer Al Ansari, remarked that he’s honored to assist in the execution of RAK leadership’s mission to foster innovation. He also expressed his eagerness to welcome Web3 professionals and their groundbreaking ideas.
The RAK Digital Assets Oasis intends to develop a community that is adaptive, inclusive, and packed with possibilities to attract worldwide entrepreneurs.
What’s a Free Zone?
A free zone allows businesses to operate in an environment with relaxed tax and legal regulations. Its purpose is to encourage foreign investment and stimulate economic growth.