• UAE emirate launching free zone for digital and virtual asset firms
• Applications to open in second quarter of 2023
• 100% ownership and different regulatory frameworks for entrepreneurs
UAE Emirate Launches Free Zone for Digital and Virtual Asset Firms
The RAK Digital Assets Oasis (RAK DAO) is a free zone that will be dedicated to the service providers in emerging technologies such as metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps) and other Web3-related businesses. This free zone will be located in Ras Al Khaimah, one of the seven Emirates in the United Arab Emirates. Applications are set to open during the second quarter of 2023.
Regulatory Frameworks & Tax Schemes
This free zone will provide entrepreneurs with 100% ownership and have different regulatory frameworks as well as tax schemes. However, they must abide by the criminal law of UAE. This free zone is expected to attract global crypto players due to its approach towards the industry.
Benefits for Entrepreneurs
The main benefit that this free zone provides is that entrepreneurs can have full control over their businesses without any restrictions from external entities. They would also enjoy favorable taxation rates and regulations which could help them expand their business further. Moreover, companies can use this platform as a gateway into international markets.
Purpose Built Innovation Enabling Zone
Rak DAO was designed to be an innovation enabling platform giving entrepreneurs access to modern technologies like metaverse, blockchain or NFTs etc., which can help them succeed in their ventures more quickly than traditional methods would allow them too. It’s purpose built structure helps create an environment where companies can grow rapidly without worrying about stringent regulations or taxes imposed on them by other entities or governments.
Advantages of Doing Business Here
Apart from having 100% ownership over their business and special tax schemes; there are several advantages associated with doing business here such as access to modern technologies at affordable costs, access to various international markets, better customer experience due to faster transactions etc., all these benefits combined make it easier for businesses to expand globally much quicker than before .