{"id":557532,"date":"2023-02-28T11:58:13","date_gmt":"2023-02-28T08:58:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/emirate-to-launch-free-zone-for-digital-and-virtual-asset-firms\/"},"modified":"2023-02-28T11:58:13","modified_gmt":"2023-02-28T08:58:13","slug":"emirate-to-launch-free-zone-for-digital-and-virtual-asset-firms","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/emirate-to-launch-free-zone-for-digital-and-virtual-asset-firms\/","title":{"rendered":"# Emirate to launch free zone for digital and virtual asset firms"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4e938eeaca0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4e938eeaca0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/emirate-to-launch-free-zone-for-digital-and-virtual-asset-firms\/#%E2%80%9D_Emirate_to_launch_free_zone_for_digital_and_virtual_asset_firms_%E2%80%9C\" >&#8221; Emirate to launch free zone for digital and virtual asset firms &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Emirate_to_launch_free_zone_for_digital_and_virtual_asset_firms_%E2%80%9C\"><\/span>&#8221; Emirate to launch free zone for digital and virtual asset firms &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvZjdiODgzNDYtOTAxMi00MWVkLWJlYWItZWMzMzBlMjcxZTUwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Ras Al Khaimah, one of the seven emirates that make up the UAE, is set to launch a free zone for digital and virtual asset companies as the country\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach to the industry continues to attract global crypto players.<\/p>\n<p>The RAK Digital Assets Oasis (RAK DAO) will be a \u201cpurpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector.\u201d Applications will open in the second quarter of 2023, the statement said.<\/p>\n<p>The free zone would be dedicated to digital and virtual assets service providers in emerging technologies, such as the metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, dApps and other Web3-related businesses.<\/p>\n<p>\u201cWe are building the free zone of the future for companies of the future,\u201d said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of RAK ICC, the operator of the new free zone. \u201cAs the world\u2019s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world.\u201d<\/p>\n<p>Free zones or free-trade zones are areas where entrepreneurs have 100% ownership of their businesses and have their own tax schemes and regulatory frameworks, with the exception of the UAE\u2019s criminal law.<\/p>\n<p>Drawing up what the new free zone\u2019s steps would be, Dubai-based crypto lawyer Irina Heaver thinks \u201cRAK DAO will start with non-financial activities first, then may introduce the financial activities at a later stage.\u201d She added: <\/p>\n<blockquote><p>\u201c[Entrepreneurs] won&#8217;t be able to launch a crypto exchange just yet, which is an ESCA-regulated financial activity.\u201d<\/p><\/blockquote>\n<p>The Securities and Commodities Authority (SCA) is one of the UAE\u2019s main financial regulators. According to the country\u2019s latest federal-level virtual assets law, the SCA has authority throughout the Emirates, except for the financial free zones \u2014 the ADGM and DIFC, which have their own financial regulators.<\/p>\n<p>The new free zone adds to the more than 40 multidisciplinary free zones in the country that have attracted numerous crypto, blockchain and Web3 firms, including the Dubai Multi Commodities Centre (DMCC), Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM).<\/p>\n<p>The UAE has painted itself as a forward-thinking hub for crypto firms eyeing jurisdictions with friendlier regulations. In March last year, Dubai unveiled its virtual assets law, along with the Virtual Asset Regulatory Authority (VARA), to protect investors and provide standards for the digital asset industry.<\/p>\n<p>In September, the Financial Services Regulatory Authority, the regulator of the ADGM, published its guiding principles on its approach to regulating and overseeing the new asset class and its service providers.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/uae-emirate-to-launch-free-zone-for-digital-and-virtual-asset-firms\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Emirate to launch free zone for digital and virtual asset firms &#8220; Ras Al Khaimah, one of the seven emirates that make up the UAE, is set to launch a free zone for digital and virtual asset companies as the country\u2019s approach to the industry continues to attract global crypto players. The RAK Digital&#8230;<\/p>\n","protected":false},"author":1,"featured_media":557533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/f7b88346-9012-41ed-beab-ec330e271e50.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75186,77146,117,70934],"class_list":["post-557532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-dao","tag-uae","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=557532"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/557533"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=557532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=557532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=557532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}