- It will provide tax incentives for entrepreneurs
- You can apply for company registration in the second quarter of this year
Yesterday, February 27, the authorities of Ras Al Khaimah (one of the seven emirates of the UAE) announced the launch of the RAK Digital Assets Oasis project. It is a free trade zone for digital asset service providers (VASPs).
“Together with the launch of RAK Digital Assets Oasis, we have only highlighted the position of the UAE as a hub of innovation. This is the free zone of the future for advanced companies. We hope that the project will resonate with entrepreneurs from all over the world,” says in a statement.
This is the first free economic zone for VASP. The project is focused not only on fintech firms and cryptocurrency exchanges, but also on NFT studios, as well as metaverses.
What is meant by a free economic zone? In fact, this is a territory where trade or other activities are not regulated by the authorities. Also, entrepreneurs here have tax benefits.
RAK Digital Assets Oasis will start considering applications from companies in the second quarter of this year. But it is already clear that this is another “brick” in the UAE crypto hub.
Recall, according to the forecast of the authorities, the national digital economy of the Emirates will grow to $140 billion by 2030. For comparison, now this figure is $38 billion.
As a matter of fact, the UAE is already the top priority destination for crypto companies in the Middle East. But at the same time, the Central Bank of the Emirates did not recognize cryptocurrencies as legal tender.
At the same time, the country relies on virtual assets not only in trade, but also in foreign policy. We wrote about this in a separate article.