Emirate to launch free zone for digital and virtual asset firms
Ras Al Khaimah, one of the seven Emirates in the United Arab Emirates (UAE), has also issued a free zone for digital and virtual asset companies, once again attracting data encryption companies around the world because of the way their countries enter the industry.
RAK Digital Assets OASIS (RAK DAO) will become a "free zone for innovation for unregulated theme activities in the field of virtual assets". Application processing will be gradual in the second quarter of 2023, the statement said.
The free zone will specialize in digital and virtual asset service providers in cutting-edge technologies, such as virtual global, blockchain technology, utility dynamic passwords, virtual asset wallets, irreplaceable dynamic passwords (NFT), decentralized grass-roots autonomous organizations (DAO), decentralized applications (Dapp) and other Web3-related projects.
The current president of the RAK International Enterprise Center, the network operator of the new free zone, Sheikh Arafat bin Humed bin Abdullah al-Kasimi, said: "We are building a future free zone for future companies." As the world's first free zone for digital and virtual asset enterprises, people are expected to apply the ambitions of entrepreneurs from all over the country.
In addition to the criminal law of the United Arab Emirates, free zones or free trade are areas where entrepreneurs own 100% of the company and have their own tax reform and regulatory framework.
In drawing up the process for the new free zone, Irina Schiffer, a login password designer in the United Arab Emirates, felt that RAK DAO would start with non-bank activities, followed by the introduction of financial activities later. She added:
"[entrepreneurs] are not yet able to launch a login password trading center, which is a financial activity regulated by ESCA."
The Securities and Product Management Service (SCA) is one of the important financial regulators in the United Arab Emirates. According to the country's latest federal government-level virtual assets law, except for financial free zones such as Abu Dhabi International Market (ADGM) and Dubai International Financial Center (DIFC), SCA has all the rights of the United Arab Emirates, which have their own financial regulatory organizations.
A new free zone is supplemented by more than 40 interdisciplinary free zones in the host country, which attracts many login passwords, blockchains and Web3 enterprises, including DMCC, DIFC and ADGM in the United Arab Emirates.
The UAE has portrayed itself as a forward-thinking centre for password companies, focusing on jurisdictions with more friendly regulation. In March 2022, the United Arab Emirates, together with the Virtual Asset Regulatory Authority, issued a virtual asset law to protect investors and regulate the data asset industry.
In September 2022, the Financial Information Services Authority, the regulatory body of ADGM, issued basic principles for regulating and guiding this new asset type and the approach of service providers.
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