UAE’s Ras al-Khaimah will launch a free zone for virtual and digital asset firms later this year. The free zone will have its own tax regime and regulatory framework. The United Arab Emirates (UAE) will soon have a new free zone for companies operating in the virtual and digital asset space. Ras al-Khaimah (RAK), one […]
UAE’s Ras al-Khaimah will launch a free zone for virtual and digital asset firms later this year. will soon have a new free zone for companies operating in the virtual and digital asset space. Ras al-Khaimah , one of the seven Emirates of the UAE, has announced its plans to create a free zone for digital and virtual assets firms.
, decentralized applications , and decentralized autonomous organizations . It will also cater to providers of crypto wallets, utility tokens, and other Web3-related ventures., the free zone will be a designated area where entrepreneurs can operate under their own tax and regulatory systems, except for the criminal laws of the UAE.
The RAK DAO will initially focus on non-financial activities and may introduce financial activities later on. Entrepreneurs will not be permitted to start a crypto exchange immediately, as this is a financial activity regulated by the Emirates Securities and Commodities Authority .
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