One of the emirates of the UAE, Ras Al Khaimah, will open its first exclusive free zone for cryptocurrencies.
The government of Ras Al Khaimah, one of the seven emirates that make up the United Arab Emirates (UAE), recently announced its plans to open a free zone or free trade zone dedicated exclusively to cryptocurrency negotiations.
The opening of this free zone for cryptocurrencies responds to the country's strategies to enter the market of the future and attract foreign currency not coming from the oil trade.
Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, who was appointed president of the RAK Digital Assets Oasis project that will build the new free zone for cryptocurrencies in the emirate, highlighted that the space will serve to boost innovation and development of related unregulated activities to the digital asset market.
The government of the United Arab Emirates has long been working on a law to regulate economic activity with cryptoassets and to issue licenses to related companies located in the country, despite the fact that its central bank does not recognize cryptocurrencies. as legal tender.
Its major emirates and cities, such as Dubai, have been exploring the potential of cryptocurrencies, authorizing cryptocurrency trading and trading in their free zones to provide new growth and development opportunities for businesses.
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A free zone to trade cryptocurrencies
The establishment of this cryptocurrency free trade zone is expected to attract leading companies in the crypto industry. In addition, the free trade zone will help accelerate the economic activity of the emirate and the country in the crypto sector.
“We are building the free zone of the future for the companies of the future”, declared the president of RAK Digital Assets Oasis.
On the other hand, the UAE Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, predicts that the Ras Al Khaimah cryptocurrency free zone could become operational from the second quarter of this year. Likewise, Al Zeyoudi made the analogy of this free zone with an oasis for those who provide different services in the cryptocurrency and digital assets market.
The United Arab Emirates is offering different incentives to attract digital companies that wish to operate, responsibly, within its territory.
The RAK Digital Assets Oasis project
Although Dubai has been one of the emirates most open to the cryptoasset industry, Ras Al Khaimah is currently emerging as the first emirate to create a free zone with features exclusively designed for the unregulated trade of cryptocurrencies and digital assets.
On the launch of the RAK Digital Assets Oasis project, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi said: “We are proud to promote the UAE's position as a leading destination for innovation”.
An oasis for crypto asset trading
In this free zone dedicated exclusively to cryptocurrency trading, the UAE plans to provide various services to companies in the sector, including those that develop blockchain technology, the metaverse, digital currencies, utility tokens, NFTs, DApps, DAOs, cryptocurrencies and any other business or service related to the emerging Web3 industry.
At the same time, the Government of Ras Al Khaimah and the UAE extend an invitation to all innovative minds in the crypto world to participate in the development of its RAK Digital Assets Oasis project, with the aim of contributing their disruptive and innovative ideas and generating new approaches and approaches to creating a better world.
In this way, Ras Al Khaimah takes its position alongside Dubai as a center for innovation in the UAE.
Through its free zone, Ras Al Khaimah hopes to attract the attention of different companies dedicated to negotiations in the crypto world and, especially, those that build innovative business models for the future and with great possibilities of accessing the markets. emerging in the region.
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