Ras Al Khaimah, one of the United Arab Emirates' (UAE) seven Emirates, is launching a free zone for digital and virtual asset companies to attract global crypto players.

The RAK Digital Assets Oasis (RAK DAO) will be a free zone dedicated to digital and virtual asset service providers in emerging technologies. The free zone will be focused on non-regulated activities in the virtual assets sector, including metaverse, blockchain, utility tokens, NFTs, DAOs, DApps, and other Web3-related businesses. Applications for RAK DAO will open in Q2 2023, and it will be the world's first free zone solely dedicated to digital and virtual asset companies.

The Securities and Commodities Authority is the main financial regulator in the UAE, but the new free zone will be exempt from its authority due to its financial free zone status. The UAE has been positioning itself as a hub for crypto firms with friendlier regulations, attracting numerous crypto, blockchain, and Web3 firms to over 40 multidisciplinary free zones in the country.

Sources:

https://www.investing.com/news/cryptocurrency-news/emirate-to-launch-free-zone-for-digital-and-virtual-asset-firms-3016723

https://cointelegraph.com/news/uae-emirate-to-launch-free-zone-for-digital-and-virtual-asset-firms

https://www.thenationalnews.com/business/economy/2023/02/27/ras-al-khaimah-to-create-exclusive-free-zone-for-digital-and-virtual-asset-companies/

https://www.bitcoininsider.org/article/206707/uae-emirate-launch-free-zone-digital-and-virtual-asset-firms