The UAE crypto zone, heralded as a good move for diversifying the region’s revenue, is slated to be a hotbed of activities related to crypto assets.
The RAK Digital Assets Oasis (RAK DAO) has created the latest murmur in crypto circles. The crypto zone, which recently became a reality in the UAE, is the talk of the town. His Highness Sheikh Saud bin Saqr Al Qasimi inaugurated the free trade zone, which could benefit entrepreneurs significantly. The RAK DAO has already partnered with several private partners in various areas of operations.
The announcement of the RAK DAO Zone was made back in early 2023. The news had created significant positive reactions from the industry. Most businesses operating in the zone will be concerned with crypto and its related technologies. Entrepreneurs will get tax benefits in the zone, while the zone will also provide support and grants to them.
“We observed that global trends and data point to the incredible opportunity digital assets offer, and we felt that Ras Al Khaimah could and should benefit from being a first adopter,” said Sheikh Saud. He claimed the economic zone would help crypto asset firms flourish and grow in the region.
Abu Dhabi and Dubai have been pioneers in attracting crypto firms in the past. Now, Ras Al Khaimah may also get a head start in the crypto race, with entrepreneurs getting full ownership of their businesses.
Meanwhile, RAK DAO could also help the region diversify its revenue sources. Ras Al Khaimah is traditionally a top destination for tourism, but digital assets could also make a splash hereafter.
Moreover, the RAK DAO also has the legal backing for its operations. Sheikh Saud has issued a law that has enabled full independence for the economic zone. It includes aspects of administration, legislation, and finance.