The Ruler of Ras Al Khaimah, Sheikh Saud bin Saqr Al Qasimi, issued a law today, Monday, to establish the world's first free zone specializing in digital and virtual asset companies. The law stipulates the creation of the "Ras Al Khaimah Digital Assets Oasis," under the supervision of the Department of Future, which was recently established. This authority will be an independent government entity with legal personality, financial and administrative independence, and legal capacity to carry out its activities and achieve its goals according to the provisions of this law, the charter, and the applicable legislation in the emirate.
The registration for companies wishing to join the "Ras Al Khaimah Digital Assets Oasis" will open during the second quarter of 2023, making it the first free zone in the world dedicated to digital asset service companies concerned with innovation in new and emerging future sectors, including the "Metaverse," "Blockchain," utility tokens, virtual asset wallets, non-fungible tokens, decentralized autonomous organizations, decentralized applications, and other businesses associated with Web 3.0 technologies.
The Ruler of Ras Al Khaimah's decision also includes the appointment of Sheikh Mohammed bin Hamid bin Abdullah Al Qasimi as the Chairman of the Board of Directors of the "Ras Al Khaimah Digital Assets Oasis," and Dr. Samir Al Ansari as its CEO.
Sheikh Saud emphasized that the new free zone will contribute to enhancing the region's reputation and solidifying its position as a preferred destination for new business projects and the economy of the future. It will also serve as an impetus to encourage innovators to apply their innovative ideas in the digital world. Al Qasimi stressed that the new zone will help attract major global digital companies to expand their businesses through our free zone, providing added value to the local economy, creating additional job opportunities, and attracting new investments, "which establishes the Ras Al Khaimah Digital Assets Oasis as a key engine for economic growth in Ras Al Khaimah, the UAE, and the region," he stated.
