UAE announces world’s first free zone dedicated to digital and virtual asset companies

Daily Current Affairs / UAE announces world’s first free zone dedicated to digital and virtual asset companies

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Category : Science and Tech Published on: March 04 2023

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The government of Ras Al Khaimah (RAK), one of the seven emirates of the United Arab Emirates, has announced plans to establish RAK Digital Assets Oasis, the world's first free zone dedicated to digital and virtual asset companies.
The announcement was made at the Blockchain Life 2023 conference.
RAK Digital Assets Oasis will be a purpose-built, true innovation-enabling free zone for non-regulated activities in the virtual assets sector.
Ras Al Khaimah has developed a reputation as a hub for international business that is politically stable, has a forward-thinking, accommodating, and quick-to-adapt philosophy, as well as an environment that fosters innovation in a key time zone that bridges the gap between financial centres in the West and the East.