One of the seven Emirates in the United Arab Emirates, Ras Al Khaimah has made an announcement very promising for the crypto industry.
The particular emirate has announced the launch of a particular zone that will ensure the expansion of the virtual and digital asset industry.
Ras Al Khaimah to Launch a Free Zone
According to the latest reports, a new zone will be introduced by the particular emirate where the crypto industry will be allowed to thrive. They will have no financial restrictions or limitations, and they will continue to expand.
The UAE has become a pro when it comes to the adoption and expansion of the cryptocurrency and blockchain industry. It has been taking the necessary steps to ensure the industry is expanded to newer levels and heights.
The country has a goal that it wants to become the largest hub for the cryptocurrency industry. Therefore, it is aiming to facilitate the as much as possible, to provide them with a very strong, and fertile ground.
This is a huge step that the emirate has taken by launching a free zone, which is going to attract the masses from the world of cryptocurrencies.
Even firms wanting to gain access to cryptocurrency and blockchain technologies will have the opportunity to benefit from the particular region.
RAK Digital Assets Oasis
The emirate, Ras Al Khaimah has reportedly announced the launch of RAK DAO (RAK Digital Assets Oasis). The purpose of the particular oasis is to offer non-regulated activities to the cryptocurrency and digital assets sector.
The role of the region will be extremely important for the future expansion of the cryptocurrency industry. It will let them take full advantage and benefit from the innovation-enabling and purpose-built zone that will be free to use.
Companies from all over the world wanting to gain access to the particular emirate and gain benefits from the free zone have to apply. They have until the end of the second quarter of 2023 to submit their applications.
Free Zone is strictly for Crypto Expansion
The authorities in the UAE looking after the crypto expansion has made it clear what they want to achieve. Their goal is the expansion of the cryptocurrency industry and it is strictly limited to that.
They have dedicated the zone for virtual assets, digital assets, cryptocurrencies, and all the segments that are related to the particular industry.
They will be supporting decentralized applications (DApps), decentralized autonomous organizations (DAOs), virtual asset wallets, utility tokens, blockchain, and the metaverse.
In addition to the above, they will also be focusing on the facilitation and expansion of businesses related to Web3.
As per the authorities, they want to offer their public the technology of the future. Therefore, they want the companies to gain as much advancement in the technology sector as possible.
However, it can prove to be a very expensive process, which is why they have decided to put their resources at the disposal of the crypto firms.
Once the firms make it to the particular zone, they will be able to do things freely and free of cost. Their responsibility will be to run their operations and come up with the best products and services.
Significance of the Free Zone
According to the RAK International Corporate Center’s chairman, they are thinking of the future when offering such benefits to the crypto world.
They want people to benefit to the fullest with the introduction of new services and products from the crypto-blockchain sector.
This is the reason why they have launched a free zone for the sector. The significance of their offering is that it is the first-ever free zone anyone has offered where the crypto industry can thrive.
It will attract investors, entrepreneurs, business tycoons, and crypto firms from around the world to take advantage of the region and what it has to offer.