Last Updated on: 27th June 2023, 09:48 am
The UAE is Developing The World’s First Free Trade Zone For Crypto And Digital Asset Companies
The Government of Ras al Khaimah (RAK) has announced plans to create the world’s first free trade zone for digital and virtual asset companies, dubbed RAK Digital Assets Oasis.
RAK International Corporate Center (RAK ICC) Chairman Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi made the announcement during the Blockchain Life 2023 event.
He said they are proud to make the UAE a leading hub of innovation with RAK Digital Assets Oasis. He pointed out that they hope to support entrepreneurs through a progressive and innovation-friendly environment in the free trade zone.
Dr. Sameer Al Ansari, CEO of RAK Digital Assets Oasis, said he is honored to help fulfill RAK management’s mission to drive innovation. He also expressed his enthusiasm for welcoming Web3 professionals and their innovative ideas.
The RAK Digital Assets Oasis aims to develop an adaptable, inclusive and potential community to attract entrepreneurs from around the world.
What is A Free Trade Zone?
A free trade zone enables companies to operate in an environment with relaxed tax and legal regulations. Its goal is to encourage foreign investment and boost economic growth.
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