RAK Digital Assets Oasis

Ras Al Khaimah Launches Crypto Oasis: RAK Digital Assets Oasis

  • Crypto exchanges have taken the world market by storm
  • Oasis is all set to accept applications right from April 2023 and will be welcoming companies that only deal in cryptocurrencies and other digital assets. 
  • Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, managing director at RAK Economic Zone, has been elected as the chairman of the Digital Assets Oasis

RAK announced the creation of its first free economic zone, catering entirely to virtual assets and coronating it as “RAK Digital Assets Oasis” 

Crypto exchanges have explored creating a ground deeply rooted with further  developments as an innovation and creativity hub regarding cryptocurrency and blockchain technology.

The world of cryptocurrency is being explored and transformed at the same time contributing to various giants and diplomacies as well as governments. One of which is Ras Al Khaimah that has now joined the club of emirates following Dubai and Abu Dhabi, enacting its own cryptocurrency regulations. 

This step towards creating a crypto oasis, vis a vis Digital Assets Oasis, is to attract and veer the ambitions of entrepreneurs around the world not just towards the RAK region but to that of the UAE.

It is also meant to promote the UAE’s grandeur status in augmenting businesses worldwide through its quick to adapt and innovation-enabling approach. 

What Comes Along With the RAK Digital Assets Oasis?

The announcement of RAK’s Digital Assets Oasis is being accompanied along with the establishment of the Dubai Virtual Assets Regulatory Authority (VARA) which has been devised to regulate all virtual assets including Bitcoin and NFT’s in the UAE Region.

In the wake of events in cryptocurrency industry encompassing the emirates, the Central Bank of the United Arab Emirates (CUBUAE) has introduced the Financial Infrastructure Transformation Programmeas one of its nine projects to harbour regions global position in the crypto market and make the regions commercial services even more competitive to global providers.

How RAK plans to significantly grow across the Crypto Map? 

The growing number of Crypto users, especially in the UAE region, is evident to a nourishing environment in terms of crypto in comparison to that world wide. But there is significant competitiveness amongst the emirate’s crypto players. 

This certain sense of betterment and crypto-mindedness is what makes this region gain a lot of recognition when it comes to cryptocurrencies. The step to form a free economic zone by RAK is one such step to assert its position amongst the emirates which will not only enhance its indigenous crypto trade but will also attract significant attention throughout the UAE.

I will also mean a big deal to all the stakeholders for blockchains hailing form RAK region as this step opens promising avenues for newly built and growing businesses that see ample of opportunities through trading with the RAK. 

All in all, the ease of accessibility and introducing new ways to make this possible is what tops the charts in the new day crypto market. 

The process is to make it even more simple and hassle free and it brings in a lot of work opportunities for not just crypto enthusiasts but also for those who are willing to make accessible pathways to enter and manage the crypto zone.