As Ras Al Khaimah continues to attract global crypto players, the country will launch a free zone for digital and virtual asset companies.
It will be a “purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector.” Applications will open in the second quarter of 2023.
Digital and virtual asset providers in emerging technologies will be able to use the free zone to offer services related to the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and other Web3 technologies.
The RAK International Corporate Centre, the operator of the new free zone, is building the free zone of the future for companies of the future, according to Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the chairman. We are thrilled to support the ambitions of entrepreneurs around the world as the world’s first free zone solely dedicated to digital and virtual asset companies.”
Entrepreneurs in free zones or free trade zones own 100% of their businesses and have their own tax schemes and regulatory frameworks, except for criminal law in the UAE.
According to Dubai-based crypto lawyer Irina Heaver, RAK DAO will begin with non-financial activities first, then may introduce financial activities later.
Entrepreneurs won’t be able to launch a crypto exchange just yet since it is an ESCA-regulated financial activity.”