- Starting in the second quarter of 2023 the Oasis will begin its application process.
- Ras Al Khaimah has passed its own cryptocurrency legislation.
Among the world’s most cryptocurrency-friendly locations in the United Arab Emirates (UAE). Ras Al Khaimah (RAK), one of the United Arab Emirates’ emirates, has made headlines by announcing the launch of the first free economic zone for cryptocurrency and other digital assets. The area’s business district is known as the “RAK Digital Assets Oasis.” Starting in the second quarter of 2023, or April 2023, the Oasis will begin its application process.
Reportedly, the decision was taken during the Blockchain Life 2023 conference. RAK Digital Assets Oasis plans to establish a tax-free zone for businesses providing support for digital currency and assets.
Aiming For Leading Global Center of Innovation
Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi was chosen as the next chairman of the RAK Digital Assets Oasis. He is certain that this latest cryptocurrency initiative will cement the United Arab Emirates (UAE) position as the premier setting for the launch of innovative enterprises.
Having RAK Digital Assets Oasis helps the United Arab Emirates maintain its status as a leading global center of innovation. Remote workers will find the free zone’s wired environment to their liking.
Like its neighboring emirates of Dubai and Abu Dhabi, Ras Al Khaimah has passed its own cryptocurrency legislation. As an additional measure, in March of 2022, Dubai launched a new regulatory organization known as the Dubai Virtual Assets Regulatory Authority. Virtual assets like Bitcoin and non-fungible tokens (NFTs) are regulated by this body throughout the emirate.
Financial Infrastructure Transformation Programme (FIT) was introduced by the Central Bank of the United Arab Emirates (CUBUAE). In addition, the creation of a digital currency (CBDC) issued by a central bank is one of its nine initiatives.