1. PixelPlaygroundHome
  2. Metaverse Insights

UAE Launches RAK Digital Assets Oasis, A Free Trade Zone for Digital and Virtual Assets

• Metaverse Insights • 116 views

On February 28, Ras Al Khaimah of the United Arab Emirates (UAE) launched the free trade zone The RAK Digital Assets Oasis (RAK DAO) for digital and virtual as…

UAE Launches RAK Digital Assets Oasis, A Free Trade Zone for Digital and Virtual Assets

On February 28, Ras Al Khaimah of the United Arab Emirates (UAE) launched the free trade zone The RAK Digital Assets Oasis (RAK DAO) for digital and virtual assets companies, which will open applications in the second quarter of 2023.

UAE launched free trade zone RAK DAO for digital and virtual asset companies

Interpretation of the news:


The United Arab Emirates (UAE) has taken a significant step towards fostering innovation and economic growth, by launching the RAK Digital Assets Oasis (RAK DAO) on February 28th, 2021. The RAK DAO is a free trade zone designed to cater to digital and virtual assets companies, promising to provide them with an enabling environment to thrive.

This announcement is a culmination of the UAE’s efforts to establish itself as a hub for emerging technologies such as blockchain, cryptocurrency, and digital assets. It is part of the country’s broader agenda of embracing technological advancements and digital transformation to diversify its economy away from its current reliance on oil.

The RAK DAO is set to welcome applications from interested digital and virtual assets companies in the second quarter of 2023. It will be located in Ras Al Khaimah, one of the smaller emirates of the UAE, which has been making strides to attract foreign direct investment (FDI) to its shores. The free trade zone will provide companies with a comprehensive suite of benefits, including 100% foreign ownership, zero corporate tax, and no restrictions on capital repatriation.

The UAE has been attracting FDI in the tech sector in recent years, thanks to its robust infrastructure, innovative ecosystem, and supportive regulatory environment. The country’s larger emirates, such as Dubai and Abu Dhabi, have launched their own initiatives to attract leading technology firms and startups. For example, Dubai’s Silicon Oasis and Abu Dhabi’s Hub71 offer a range of incentives and resources to tech-focused firms, including funding, mentorship, and access to top talent.

The RAK DAO’s launch comes at a time when many countries are grappling with the economic fallout of the COVID-19 pandemic. The UAE’s move is a testament to its commitment to build a resilient post-pandemic economy that leverages its strengths and embraces innovation. It is also a significant development for the global digital assets industry which has been experiencing exponential growth in recent years and could reach $1 trillion in value by 2025, according to some projections.

In conclusion, the RAK Digital Assets Oasis is a bold initiative by the UAE to create a conducive environment for digital and virtual assets companies. By establishing a free trade zone with a host of benefits, the UAE is signaling its intent to become a leading player in the global tech space. The move is likely to attract more FDI to the UAE and stimulate economic growth in the region.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/3951/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/28/2023 09:46
Next 02/28/2023 10:00

Recommended articles