The warning by Gallant Knight 3 is in response to a link titled 'Compassion for Gaza' doing the rounds
uae18 hours ago
His Highness Sheikh Saud bin Saqr Al Qasimi, UAE 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 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.
His Highness Sheikh Saud bin Saqr Al Qasimi said: “The Emirate of Ras Al Khaimah has been playing a leading role in national efforts to strengthen the UAE’s diversified, sustainable economy. With the nation’s focus on digitalisation and encouraging enterprises of the future, RAK Digital Assets Oasis will serve as the gateway for global digital and virtual assets companies to establish their operations and grow their business. Our commitment is to provide an inspiring, innovation-centric environment that helps realize bright ideas that have transformational impact on the world.
“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.
“We are focused on promoting entrepreneurship, including the digital and virtual assets sector, which thrives on innovation and speed. The new free zone will encourage young talent to implement their powerful ideas for the digital world, as well as drive global digital players to expand their footprint through our free zone, which will add incremental value to the economy by creating new jobs and promoting inward investment. RAK Digital Assets Oasis will be a key economic growth engine for Ras Al Khaimah and the wider region.”
To lead the initiative, His Highness Sheikh Saud bin Saqr Al Qasimi has appointed Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi as Chairman and Dr. Sameer Al Ansari as CEO of RAK Digital Assets Oasis. Sheikh Mohammed is the Chairman of RAK International Corporate Centre (RAK ICC) and a Board Member and Managing Director of RAKEZ, while Dr. Sameer Al Ansari is the CEO of RAK ICC and a member of the Board of Directors of Marjan, Ras Al Khaimah's flagship master developer.
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.
ALSO READ:
The warning by Gallant Knight 3 is in response to a link titled 'Compassion for Gaza' doing the rounds
uae18 hours ago
Book subscription discounts and exclusive offers from publishing partners are also up for grabs
uae18 hours ago
This year's data shows an 8 per cent decrease over the 381 fatalities recorded in 2021
uae19 hours ago
World leaders, including Egyptian President Abdel Fattah El Sisi and Jordan's King Abdullah II bin Al Hussein, also expressed their sympathies
uae21 hours ago
Dusty conditions could be expected in some coastal and inland areas as light to moderate winds could turn brisk at times
uae23 hours ago
'I'm always in a better mood to work when it's remote,' a Dubai resident said adding that she does not have to worry about the hassle of being late to work
uae1 day ago
Vehicles that were submerged in the basement parking of the buildings were still being pulled out this week by the vehicle owners
uae1 day ago
Casa Arabe is committed to being a meeting point between Spain and the Arab world
uae1 day ago