H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has issued laws to establish the world’s first free zone dedicated to digital and virtual assets companies.

Established under Law No. 2 of 2023, the Ras Al Khaimah Digital Assets Oasis is an independent governmental authority affiliated with the newly created Department of the Future.

The new law grants RAK Digital Assets Oasis financial, administrative, and legislative independence, allowing it to function as a purpose-built, innovation-enabling free zone in the virtual assets sector.

The Digital Assets Oasis will be the world’s first free zone dedicated to digital and virtual asset companies, with a comprehensive, bespoke, innovation-enabling digital asset approach.

In addition to the establishment of RAK Digital Assets Oasis, His Highness Sheikh Saud also announced Law No.1 of 2023, which outlines the establishment of the Department of the Future.

The law aims to bolster economic growth and diversification in the Emirate of Ras Al Khaimah, promote its growing status as a hub for innovation, and enhance its competitiveness as an economic and global destination for business.

The new department will play a pivotal role in promoting innovation and driving the Emirate’s economic development in the digital age, positioning Ras Al Khaimah as a leader in innovation and entrepreneurship in the digital and virtual assets sector.

The new free zone will further cement Ras Al Khaimah’s reputation as a destination of choice for next-generation business ventures and the economy of the future. Ras Al Khaimah’s unique combination of accessibility, agility, and liveability will foster responsible innovation and position the UAE at the forefront in driving the most successful disruptive tech transformations of the coming decades.

RAK Digital Assets Oasis will open for applications in the second quarter of 2023, becoming the only free zone in the world exclusively for digital and virtual asset companies that are innovating in new and emerging sectors, such as the metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.