- UAE emirate to launch World’s first free zone for digital assets.
- In the second quarter of 2023, the zone will accept applications.
Ras Al-Khamish, one of the seven emirates of UAE, on Monday, 27 February 2023, launched the World’s first free trading zone for digital assets to attract more Crypto businesses globally.
Free trading or free zones will make it easy for people to invert and set up businesses in UAE. The entrepreneurs will have full ownership of their businesses and light taxation.
UAE Steps Towards Digital Assets Free Zone
Digital Assets Oasis is the World’s first digital and virtual assets free trading zone. That will make it easy to invest and operate in the United Arab Emirates for foreign investors.
Ras Al Khamish Digital Assets Oasis dedicated the free trading zone to emerging innovations in the field of digital and virtual assets service providers. The fields like Blockchain, Metaverse, Decentralized applications, Web3 linked businesses, Decentralized Autonomous Organizations, Non-fungible tokens,
There are more than 40 active collaborative free trading zones in UAE. Charge a little license fee to operate and run a business. To attract Crypto, Blockchain, and Web3 innovated businesses.
One of the most significant is Dubai Multi Commodities Centre (DMCC), the World’s largest free trade zone. The DMCC has provided commendatory opportunities and a space for Crypto firms to operate, run and grow their businesses.
“We are building the free zone of the future for companies of the future,” said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of the RAK International Corporate Centre, the operator of the new free zone. “As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world.”
Dubai development and achievements :
In recent years Dubai is not a country only focusing on oil. UAE has made emerging development and established a forward-thinking hub for crypto firms globally. They have been attracting foreign business and investments.
The Central Bank of the UAE does not accept digital currency as legal tender. Still, UAE has made significant development and emerging innovations in Crypto, Blockchain and other related fields.
Last year, March Dubai applied Virtual Asset Regulatory Authority to protect and provide global standards for Digital and virtual assets.
According to a recent report by market analysts, UAE’s digital economy is expected to rise from $38 billion to $140 billion by 2031.
The government has made much impactful development in the field of blockchain technologies. After witnessing the Growth in businesses government of the United Arab Emirates launched the World’s first free zone for digital assets to attract more firms in the Crypto and blockchain fields. The applications will open in the second quarter of 2023. It will make it easy for foreigners to invest and operate businesses with full ownership and receive tax exemptions.