<p>Ras Al
Khaimah (RAK), one of the emirates that form UAE, has announced the creation of
the first free economic zone fully dedicated to virtual assets and digital
companies, dubbed RAK Digital Assets Oasis.</p><p>UAE Opens Digital Assets
Oasis</p><p>According
to the Persian Gulf media outlets, the decision was made this week at the <a href="https://www.financemagnates.com/thought-leadership/4-blockchain-events-to-watch-out-for-in-dubai-in-q1-2023/" target="_blank" rel="follow">Blockchain Life 2023 conference</a>. RAK Digital Assets Oasis aims to establish a
free zone exclusively dedicated to service providers of cryptos and digital
assets operating in emerging sectors such as <a href="https://www.financemagnates.com/terms/b/blockchain/" class="terms__main-term" id="be18ed01-45fc-4044-b447-06802a10dbcd" target="_blank">Blockchain</a>, NFTs, DApps, DAOs and
Web3-related projects. This will be the only free zone of its kind in the world.
The Oasis will open for applicants next quarter, starting in April 2023.</p><p>Sheikh
Mohammed bin Humaid bin Abdullah Al Qasimi was elected the Chairman of RAK
Digital Assets Oasis. He believes that the newest crypto project will boost the UAE's
position as the leading destination for innovative companies. </p><p>"We
are building the free zone of the future for the companies of the future. As
the world's first free zone solely dedicated to digital and virtual asset
companies, we look forward to supporting the ambitions of entrepreneurs from
around the world with our progressive, supportive, and quick-to-adapt approach and our innovation-enabling environment," Al Qasimi commented.</p><p>RAK Digital
Assets Oasis aligns with the UAE's stance as a leading hub for innovation. This
free zone will provide a globally connected and remote-work-friendly
environment for digital and virtual asset companies, enabling them to develop
business models for the future. As a result, the Oasis members will be
well-positioned to capitalize on emerging markets in the region.</p><p>"We
look forward to welcoming the world's brightest Web3 minds with their most
disruptive ideas that uncover new approaches to creating a better future. We
are committed to empowering the next generation of global entrepreneurial
talent to build transformative solutions and create impact while shaping the
future of businesses and economies," Dr Sameer Al Ansari, the CEO of RAK International
Corporate Centre and CEO of Digital Assets Oasis, added.</p><p>Ras Al
Khaimah joins Dubai and Abu Dhabi, as another of the seven emirates that
introduced their own cryptocurrency laws. In March 2022, <a href="https://www.financemagnates.com/cryptocurrency/regulation/dubai-adopts-digital-asset-law-establishes-independent-regulator/" target="_blank" rel="follow">Dubai introduced</a> a new
regulatory body, the Dubai Virtual Assets Regulatory Authority, which oversees all
virtual assets like Bitcoin and non-fungible tokens (NFTs) in the emirate.</p><p>UAE Presents FIT Programme
and Bets on Digital Assets</p><p>The United
Arab Emirates is accelerating its efforts to become the next global crypto hub.
As part of the Financial Infrastructure Transformation Programme (FIT) recently
introduced by the Central Bank of the United Arab Emirates (CUBUAE), the apex
bank <a href="https://www.financemagnates.com/cryptocurrency/uaes-central-bank-to-issue-cbdc-under-new-fit-programme/" target="_blank" rel="follow">will introduce</a> a central bank digital currency (CBDC) among its nine initiatives.
</p><p>"With
a full integration set for 2026, the FIT Programme creates an important
platform in support of the country's 'We the UAE 2031' vision and National
Digital Economy Strategy. It also further reinforces the CBUAE's mission to
enhance monetary and financial stability and consumer protection through robust
financial infrastructure and the adoption of digital technologies," CBUAE stated.</p><p>According
to the bank, the FIT program was created to bolster the country's financial
services industry and position it for global competitiveness.</p><p>In 2020,
the UAE <a href="https://www.financemagnates.com/cryptocurrency/news/saudi-arabia-inches-closer-to-officially-launch-digital-currency-with-uae/" target="_blank" rel="follow">collaborated with the Saudi Central Bank</a> on a joint CBDC pilot project
that lasted for one year. The project demonstrated the advantages of utilizing
a distributed payment system instead of a centralized payment structure.</p><p>Crypto Firms Moves to UAE</p><p>Confirmation
of the UAE's growing importance on the cryptocurrency world map is the increasing
number of digital asset companies that are applying for local licenses. For
example, CAPEX.com, a prominent retail brokerage brand, <a href="https://www.financemagnates.com/forex/capexcom-gains-in-principle-crypto-license-in-abu-dhabi/" target="_blank" rel="follow">received in-principle
approval</a> for a cryptocurrency license from the United Arab Emirates' regulator,
Abu Dhabi Global Markets (ADGM), in November 2022.</p><p>Similar
licenses have been obtained in the past by cryptocurrency exchange <a href="https://www.financemagnates.com/cryptocurrency/regulation/kraken-gains-abu-dhabi-license-to-launch-crypto-services-locally/" target="_blank" rel="follow">Kraken</a>,
social <a href="https://www.financemagnates.com/terms/t/trading-platform/" class="terms__secondary-term" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6" target="_blank">trading platform</a> <a href="https://www.financemagnates.com/forex/etoro-recieves-in-principal-approval-from-abu-dhabi/" target="_blank" rel="follow">eToro</a>, cryptocurrency-focused <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-focused-seba-bank-gains-abu-dhabi-license/" target="_blank" rel="follow">SEBA Bank</a>, and the world's
largest crypto exchanges, <a href="https://www.financemagnates.com/cryptocurrency/news/binance-strengthens-middle-east-presence-with-new-dubai-license/" target="_blank" rel="follow">Binance </a>and <a href="https://www.financemagnates.com/cryptocurrency/regulation/cryptocom-gets-provisional-approval-from-dubai-regulatory-authorities/" target="_blank" rel="follow">Crypto.com</a>.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
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