With the digital economy in the UAE expected to grow to more than $140 billion in 2031, up from nearly $38 billion currently, the country has been investing in developing its infrastructure and implementing policy reforms to attract more entrepreneurs and businesses to the country. 

Ras Al Khaimah (RAK) announced plans to launch Digital Assets Oasis, a purpose-built, innovation-enabling free zone for digital and virtual assets companies to keep the momentum. It will start accepting applications in the second quarter of 2023.

“We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future,” said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of RAK ICC and chairman of RAK Digital Assets Oasis.

According to a statement, the free zone will be dedicated to digital and virtual asset service providers innovating in the metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related enterprises.

“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,” said Dr. Sameer Al Ansari, CEO of RAK ICC and RAK Digital Assets Oasis.

Meanwhile, regulatory agencies in the country have been adopting laws to streamline and supervise the digital asset industry. Dubai adopted the Dubai Virtual Asset Regulation Law to protect investors and provide international standards for virtual asset industry governance.