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RAK launches free zone for digital and virtual asset firms

By Pramod Kumar
Creative Commons
The RAK Digital Assets Oasis free zone will be dedicated to digital and virtual assets service providers including metaverse-related businesses

The Ras Al Khaimah government has announced plans to launch RAK Digital Assets Oasis, a free zone dedicated to digital and virtual asset companies.

The zone will be purpose-built for non-regulated activities in the virtual assets sector, the UAE state-run Wam news agency reported.

It will be exclusively dedicated to digital and virtual assets service providers innovating in new and emerging sectors of the future. These include metaverse, blockchain, utility tokens, virtual asset wallets and other Web3-related businesses.

Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of RAK Digital Assets Oasis, said it was “building the free zone of the future for the companies of the future”.

He added: “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.”

The free zone is set to open for applications in the second quarter of 2023.

It is the second such announcement this week. The UAE on Sunday announced the establishment of a free zone dedicated to the military and security sector, just days after the Gulf state signed deals worth AED23.34 billion ($6.36 billion) at a major defence expo in Abu Dhabi.

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