His Majesty Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah and Member of the UAE Supreme Council, has passed legislation to establish the world’s first free zone dedicated to digital and virtual asset enterprises.
The Ras Al Khaimah Digital Assets Oasis, established under Law No. 2 of 2023, is an independent governmental entity linked with the newly formed Department of the Future.
The new law gives RAK Digital Assets Oasis financial, administrative, and legislative autonomy, allowing it to operate 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 devoted to digital and virtual asset enterprises, with a complete, personalised, and innovative digital asset strategy.
His Highness also introduced Law No. 1 of 2023, which defined the formation of the Department of the Future, in addition to the construction of RAK Digital Assets Oasis. The law intends to boost economic growth and diversification in Ras Al Khaimah, promote its rising prominence as an innovation centre, and boost its competitiveness as an economic and global business destination. The new department will be critical in encouraging innovation and advancing the Emirate’s economic development in the digital era, placing Ras Al Khaimah as a leader in digital and virtual assets innovation and entrepreneurship.
His Highness will spearhead the project. Sheikh Saud bin Saqr Al Qasimi has nominated Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi as Chairman of RAK Digital Assets Oasis and Dr. Sameer Al Ansari as CEO. 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.
Sheikh Mohammed is the Chairman of RAK International Corporate Centre (RAK ICC) and a Board Member and Managing Director of RAKEZ.
RAK Digital Assets Oasis will open for applications in the second quarter of 2023, becoming the world’s only free zone dedicated solely to digital and virtual asset enterprises working in new and developing industries such as the metaverse.
