RAK to establish world’s 1st free zone for digital & virtual asset firms

By Shilpa Annie Joseph, Official Reporter
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RAK to establish freezone
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UAE Supreme Council Member and Ruler of Ras Al Khaimah (RAK), His Highness Sheikh Saud bin Saqr Al Qasimi has issued laws to establish the world’s first free zone dedicated to digital and virtual assets companies.

Established under Law No. 2 of 2023, the Ras Al Khaimah Digital Assets Oasis is an independent governmental authority affiliated with the newly created Department of the Future.

The new law grants RAK Digital Assets Oasis financial, administrative, and legislative independence, allowing it to function as a purpose-built, innovation-enabling free zone in the virtual assets sector.

The RAK Digital Assets Oasis will be the world’s first free zone dedicated to digital and virtual asset companies, with a comprehensive, bespoke, innovation-enabling digital asset approach.

HH Sheikh Saud said that, “With the nation’s focus on digitalization and encouraging enterprises of the future, RAK Digital Assets Oasis will serve as the gateway for global digital and virtual assets companies to establish their operations and grow their business. The new free zone will further cement Ras Al Khaimah’s reputation as a destination of choice for next-generation business ventures and the economy of the future.”

In addition to the establishment of RAK Digital Assets Oasis, HH Sheikh Saud also announced Law No.1 of 2023, which outlines the establishment of the Department of the Future.

“The new free zone will encourage young talent to implement their powerful ideas for the digital world, as well as drive global digital players to expand their footprint through our free zone, which will add incremental value to the economy by creating new jobs and promoting inward investment. RAK Digital Assets Oasis will be a key economic growth engine for Ras Al Khaimah and the wider region,” HH Sheikh Saud added.

The new department will play a pivotal role in promoting innovation and driving the Emirate’s economic development in the digital age, positioning Ras Al Khaimah as a leader in innovation and entrepreneurship in the digital and virtual assets sector.

The law aims to bolster economic growth and diversification in the Emirate of Ras Al Khaimah promote its growing status as a hub for innovation and enhance its competitiveness as an economic and global destination for business.

According to the statement, “RAK Digital Assets Oasis will open for applications in the second quarter of 2023, becoming the only free zone in the world exclusively for digital and virtual asset companies that are innovating in new and emerging sectors, such as the metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.”

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