The government of Ras al-Khaimah (RAK), one of the emirates of the United Arab Emirates, has just announced it intends to create a free zone for companies in the digital asset sector.
The National News has reported that the RAK Digital Assets Oasis will become a hub for unregulated activities of industry participants. The structure will start accepting applications in the second quarter of 2023.
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Mohamed Al Qasimi, chairman of area operator RAK ICC, has said:
"We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis."
According to him, the administration is counting on support for the initiative from entrepreneurs around the world.
These types of free zones are economic regions where participants have full ownership of their businesses and, as a rule, receive tax preferences.