The government of Ras Al Khaimah (RAK), one of the seven emirates of the United Arab Emirates, has announced plans to establish RAK Digital Assets Oasis, the world’s first free zone dedicated to digital and virtual asset companies.
- The announcement was made at the Blockchain Life 2023 conference. RAK Digital Assets Oasis will be a purpose-built, true innovation-enabling free zone for non-regulated activities in the virtual assets sector.
- It is intended to be the only free zone in the world solely dedicated to digital and virtual assets service providers innovating in new and emerging sectors of the future including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.
- RAK Digital Assets Oasis will open for applications in the second quarter of 2023.
