UAE emirate will open free zone for companies dealing in digital and virtual assets
Join Our Telegram channel to stay up to date on breaking news coverage In the United Arab Emirates, free-trade zones are places where business owners own 100% of their companies and enjoy unique legal and tax structures. While the nation’s approach to the industry continues to draw in international crypto players, Ras Al Khaimah, one of the United Arab Emirate’s (UAE) seven Emirates, is getting ready to introduce a free zone for businesses dealing in digital and virtual assets. A “purpose-built, innovation-enabling free zone for unregulated operations in the virtual assets sector,” the RAK Digital Assets Oasis (RAK DAO) will be. The statement stated that applications would be available in the second quarter of 2023. The free zone will be reserved for companies that provide services for digital and virtual assets in cutting-edge fields like the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomo...