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The United Arab Emirates (UAE) continues to implement a digital asset economic strategy. Ras Al Khaimah’s latest move creates a dedicated crypto-friendly free zone for global companies.
Ras Al Khaimah, one of the seven emirates of the United Arab Emirates (UAE), Announce A new free zone dedicated to digital and virtual asset companies. According to the Blockchain Life 2023 announcement, the initiative will be the world’s first free zone for digital and virtual asset companies.
The UAE’s Free Trade Zones (FTZs) have designated areas in which companies can operate without restrictions. This includes 100% foreign ownership, no corporate taxes, no personal income taxes and duties. It also offers simplified business setup procedures, including simplified licensing and registration processes.
Free zone dedicated to digital assets
Known as RAK Digital Asset Oasis (RAK road) – “A free zone specifically established for non-regulatory activities in the field of virtual assets to support innovation.”
The RAK ICC Chairman and the RAK Digital Asset Oasis Chairman support the growing crypto queue. The need to establish such areas was further emphasized.
Initiatives like this help increase adoption and help the region as a Potential center.
UAE Supports Crypto Narrative
The United Arab Emirates (UAE) has positioned itself as a forward-looking hub for crypto companies seeking more favorable regulatory environment. In recent years, the UAE has made significant progress towards becoming a global leader in the cryptocurrency and blockchain space.
One of the most notable initiatives in this regard is the Establish Dubai Multi Commodities Center (DMCC) cryptocurrency hub. The world’s largest cryptocurrency exchange in terms of trading volume. DMCC Crypto Center has played an important role in creating a favorable ecosystem for crypto companies to operate in the UAE.
Additionally, the government has taken an aggressive approach to regulating the crypto industry. The Stored Value and Electronic Payment System Regulations were introduced in 2017.The regulations provide frame Used to license and regulate cryptocurrency exchanges, custodians and other service providers in the UAE.
Additionally, the government has launched various initiatives to support the development of blockchain technology. include The Dubai Blockchain Strategy 2020 aims to make Dubai a blockchain-powered city by 2020.
disclaimer
BeInCrypto has reached out to the companies or individuals involved for an official statement on recent developments, but has yet to hear back.
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