Dubai: Applications for licenses in Ras Al Khaimah’s new free zone exclusively for virtual asset and digital companies will open in second quarter of 2023. These would include businesses in categories such as the Metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, and other Web3-related businesses.

This comes as the UAE develops credentials to have an environment for virtual asset entities to base themselves in.

His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, issued the laws to establish the ‘world’s first free zone’ for such companies. The RAK Digital Assets Oasis will be an independent governmental entity affiliated with a newly created Department of the Future.

The new law grants RAK Digital Assets Oasis financial, administrative, and legislative independence.

“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,” said Sheikh Saud in a statement. “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.”