The UAE free zone would provide a liberal environment to all digital asset firms in Ras Al Khaimah.
The UAE continues to leave no stone unturned in turning the country into a hub of crypto-related activities. According to the latest buzz, a UAE free zone would be established in Ras Al Khaimah, which would also explore the possibility of receiving crypto payments for new companies being registered in the emirate. This was revealed by Dubai-based lawyer Irina Heaver.
The UAE free zone for crypto-related activities is called Ras Al Khaimah Digital Assets Oasis (RAK DAO). The RAK DAO would first find the relevant partners for its operations and then explore crypto payments for rent, corporate registrations, and other services. The crypto payments would be explored for Bitcoin and other stablecoins, while Heaver also revealed similar activities being undertaken in Switzerland for years.
The lawyer further stated that the groundwork had been put in place for the appropriate regulatory and technology infrastructure and that the Ras Al Khaimah Digital Assets Oasis (RAK DAO) would be running full Bitcoin lightning nodes for the crypto payment system. She welcomed technology partners to join them in the venture and said the necessary work was ongoing.
The Ras Al Khaimah Digital Assets Oasis (RAK DAO) would be a UAE free zone solely dedicated to web3 firms. “I have to structure multiple entities in multiple jurisdictions. This adds to costs and time and is counterproductive for entrepreneurs. Now, I see a great opportunity for founders to base their businesses in one location,” said Heaver, referring to the convenience offered by the UAE.