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Dubai launches new free trade zone for crypto companies, aims to become the crypto hub of the future
Dubai has made great efforts in recent years to become the cryptocurrency hub of the future. The United Arab Emirates has established itself as an attractive location for companies that want to drive digital change. With tax-friendly conditions and crypto-friendly regulation, Dubai has created optimal conditions to position itself as a progressive location at the heart of the digital currency market. In the second quarter of 2023, the RAK Digital Assets Oasis (RAK DAO) was launched in Dubai. This free trade zone, also called Freezone, is aimed primarily at companies in the cryptocurrency sector. It is a “dedicated, innovation-promoting free zone for unregulated activities…
Dubai launches new free trade zone for crypto companies, aims to become the crypto hub of the future
Dubai has made great efforts in recent years to become the cryptocurrency hub of the future. The United Arab Emirates has established itself as an attractive location for companies that want to drive digital change. With tax-friendly conditions and crypto-friendly regulation, Dubai has created optimal conditions to position itself as a progressive location at the heart of the digital currency market.
In the second quarter of 2023, the RAK Digital Assets Oasis (RAK DAO) was launched in Dubai. This free trade zone, also called Freezone, is aimed primarily at companies in the cryptocurrency sector. It is a “dedicated, innovation-enhancing free zone for unregulated virtual asset activities.” Companies that work with innovations such as Metaverse, Blockchain, Utility Tokens, Virtual Asset Wallets, Non-Fungible Tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps) or Web3 will find the best conditions here.
The RAK Digital Assets Oasis strives to become a global hub for companies that want to have 100% ownership of their business idea and benefit from the favorable conditions in the United Arab Emirates. It is worth noting that while the free trade zone is based in Dubai, regulated crypto exchanges or other ESCA (Securities and Commodities Authority) regulated activities will only follow at a later date. The ESCA is one of the main financial regulators in the UAE and is responsible for virtual assets at the federal level, unless there are separate financial authorities for the free zones.
The RAK Digital Assets Oasis will be one of 40 multidisciplinary free zones in the UAE, which have attracted numerous crypto, blockchain and Web3 companies in recent years.
If you are planning to set up your business in Dubai and benefit from the many advantages that the city offers, you can rely on Dubai Expatriate. With extensive experience and expertise in setting up a business in Dubai, Dubai Expats offers a wide range of services to assist you at every step of the process. From choosing the right legal form to registering your company and renting business premises, Dubai Emigration is your competent partner. The Dubai Expatriate team is here to help you ensure your journey into the crypto world in Dubai is successful.