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Virtual and Digital Assets To Reign in UAE’s Free Zone

The United Arab Emirates (UAE) will soon have a new free zone for companies operating in the virtual and digital asset space. Ras al-Khaimah (RAK), one of the seven Emirates of the UAE, has announced its plans to create a free zone for digital and virtual assets firms.

The RAK Digital Assets Oasis (RAK DAO) is expected to attract global crypto players and support non-regulated activities related to virtual assets.

Set to launch in the second quarter of 2023, the RAK DAO will provide a space for companies working with emerging technologies such as blockchain, Non-Fungible Tokens [NFTs], decentralized applications (dApps), and decentralized autonomous organizations (DAOs). It will also cater to providers of crypto wallets, utility tokens, and other Web3-related ventures.

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