Ras al Khaimah, a free zone entirely dedicated to crypto businesses
Crypto companies finally pampered?
The United Arab Emirates has just announced the launch of a free zone for crypto businesses in Ras al-Khaimah.
Ras al-Khaimah, one of the seven emirates of the United Arab Emirates (UAE), plans to launch a free zone for crypto businesses. The announcement was made during the Blockchain Life 2023 conference. But still, this zone will offer a wide range of tax and legal benefits to crypto businesses.
In the United Arab Emirates, free zones are areas where businesses can operate without restrictions. In addition to simplified administrative procedures, companies operating in these areas are exempt from all taxes and customs duties. Similarly, they can be 100% owned by foreigners.
A world first
Called RAK Digital Assets Oasis (RAK DAO), this free zone aims to promote innovation. Moreover, it will encourage crypto businesses to grow. Companies will be able to submit their applications from the second quarter of this year: RAK DAO
Sheikh Mohammed bin Humaid al Qasimi, Chairman of RAK DAO, believes that these kinds of initiatives are necessary to support the growth of crypto. Excerpt from the RAK DAO press release: Zawya
According to him, the new project will increase the adoption rate. This, in order to strengthen the region’s position as a crypto hub.
The United Arab Emirates, a new El Dorado for crypto businesses
The UAE has long positioned itself as a forward-thinking country and a global hub for crypto businesses. To be one of the world leaders in the sector, the country has not skimped on its means.
In 2021, Dubai opened DMMC, a center entirely dedicated to digital asset companies. The latter has enabled the creation of a favorable ecosystem for crypto startups wishing to operate in the United Arab Emirates. Today, it has more than 500 companies.
Likewise, the government has taken a very proactive approach to regulating the crypto industry. In 2017, it introduced specific regulations for digital payment systems. Thanks to this law, crypto platforms can obtain licenses in just a few days.
Additionally, the government has launched several initiatives to support the development of blockchain technology. This notably includes the Dubai Blockchain Strategy, which aims to make Dubai a pioneer city in the field of blockchain.
Moral of the story: after building empires in the metaverse, crypto now has its own emirate.