Ruler of RAK Introduces New Law to Establish First Ever Digital and Virtual Assets Free Zone

The department will be instrumental in driving the Emirate's economic development in the digital age and positioning Ras Al Khaimah as a leader in innovation and entrepreneurship in the virtual and digital asset sector.

His Highness Sheikh Saud expressed that the Emirate of Ras Al Khaimah has been a significant contributor to the UAE's diverse and sustainable economy, and with the country's emphasis on digitalisation and promoting businesses of the future, the RAK Digital Assets Oasis will serve as a gateway for global digital and virtual asset companies to establish and grow their operations.

The free zone aims to provide an innovative and inspiring environment that helps realise bright ideas with a transformative impact on the world. Its establishment will cement Ras Al Khaimah's reputation as a destination of choice for next-generation business ventures and the economy of the future, leveraging accessibility, agility, and livability to foster responsible innovation and position the UAE at the forefront of driving the most successful disruptive tech transformations of the coming decades.

The new free zone is also expected to encourage young talent to implement their ideas and drive global digital players to expand their footprint, creating new jobs and promoting inward investment to add incremental value to the economy.

Sheikh Saud appointed Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi as Chairman and Dr. Sameer Al Ansari as CEO of RAK Digital Assets Oasis to lead the initiative.