{"id":612940,"date":"2023-02-28T20:23:00","date_gmt":"2023-03-01T02:23:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/28\/uae-announces-worlds-first-free-zone-for-digital-and-virtual-asset-companies\/"},"modified":"2023-02-28T20:23:00","modified_gmt":"2023-03-01T02:23:00","slug":"uae-announces-worlds-first-free-zone-for-digital-and-virtual-asset-companies","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/28\/uae-announces-worlds-first-free-zone-for-digital-and-virtual-asset-companies\/","title":{"rendered":"UAE Announces World\u2019s First Free Zone for Digital and Virtual Asset Companies"},"content":{"rendered":"
\n

The United Arab Emirates (UAE) continues to implement strategies toward the digital assets economy. The latest move by Ras Al Khaimah creates a dedicated crypto-friendly free zone for global companies.\u00a0<\/strong><\/p>\n

Ras Al Khaimah, one of the United Arab Emirates (UAE) seven Emirates,\u00a0announced<\/a>\u00a0a new free zone dedicated to digital and virtual asset companies. The initiative would be the world\u2019s first free zone for digital and virtual asset companies, per an announcement at Blockchain Life 2023.\u00a0<\/p>\n

Free Trade Zones (FTZs) in the UAE have designated areas where companies can operate without restrictions. This includes 100% foreign ownership, no corporate tax, no personal income tax, and no customs duties. It also offers streamlined procedures for business setup, including simplified licensing and registration processes.<\/p>\n

Free Zones Dedicated to Digital Assets<\/strong><\/h2>\n

Termed the RAK Digital Assets Oasis (RAK DAO<\/a>) \u2013 \u201ca purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector.\u201d\u00a0<\/p>\n

\"Applications
Applications will commence in Q2 this year Source:\u00a0RAK DAO<\/a><\/figcaption><\/figure>\n

The Chairman of RAK ICC and Chairman of RAK Digital Assets Oasis supported the growing crypto cohort. Further highlighting the need for such zones. <\/p>\n

\"Press
Press release regarding the announcement Source:\u00a0Zawya<\/a><\/figcaption><\/figure>\n

Such an initiative serves to bolster the adoption rate and contribute to the region\u2019s leadership as a\u00a0potential<\/a>\u00a0hub.\u00a0<\/p>\n

UAE Is Supporting Crypto Narratives<\/strong><\/h2>\n

The United Arab Emirates (UAE) has positioned itself as a forward-thinking hub for crypto firms seeking a more favorable<\/a> regulatory environment. In recent years, the UAE has made significant strides toward becoming a global leader in the crypto and blockchain space.\u00a0<\/p>\n

One of the most notable initiatives in this regard was establishing<\/a> the Dubai Multi Commodities Centre (DMCC) Crypto Centre. The world\u2019s largest cryptocurrency exchange in terms of trading volume. The DMCC Crypto Centre has been instrumental in creating a favorable ecosystem for crypto firms to operate in the UAE.\u00a0<\/p>\n

In addition, the government has also taken a proactive approach to regulate the crypto industry. The \u201cRegulation of Stored Values and Electronic Payment Systems\u201d was introduced in 2017. This regulation sets out a framework<\/a> for licensing and regulating crypto exchanges, custodians, and other service providers in the UAE.\u00a0<\/p>\n

Furthermore, the government launched various initiatives to support the development of blockchain technology. Including<\/a> the Dubai Blockchain Strategy 2020 aims to make Dubai a blockchain-powered city by 2020.\u00a0<\/p>\n

\n

Disclaimer<\/h3>\n

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.<\/p>\n<\/div><\/div>\n

Read More<\/a>
\n Shubham Pandey<\/p>\n","protected":false},"excerpt":{"rendered":"

The United Arab Emirates (UAE) continues to implement strategies toward the digital assets economy. The latest move by Ras Al Khaimah creates a dedicated crypto-friendly free zone for global companies.\u00a0 Ras Al Khaimah, one of the United Arab Emirates (UAE) seven Emirates,\u00a0announced\u00a0a new free zone dedicated to digital and virtual asset companies. The initiative would […]<\/p>\n","protected":false},"author":1,"featured_media":612941,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[551,534,1329],"tags":[],"class_list":["post-612940","post","type-post","status-publish","format-standard","has-post-thumbnail","category-announces","category-financial","category-worlds"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/612940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=612940"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/612940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/612941"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=612940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=612940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=612940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}