The first free zone for companies engaged in the field of cryptocurrency business will appear in the United Arab Emirates. The relevant law was issued under the signature of a member of the Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah,” the Arabian Business publication wrote on the eve.
The regulatory act implies the creation of a special Digital Assets Oasis free zone before the beginning of the third quarter of this year. Residents of the free space will receive tax and legislative breaks. The oasis of Ras Al Khaimah’s digital assets will have the status of an independent government body, whose activities will be accountable to the Department of the Future.
“We are focused on promoting entrepreneurship in the Emirates, including in the digital and virtual assets sector. The new free zone will encourage young talents from the digital world to implement their own ideas, as well as attract crypto companies from all over the world,” said Sheikh Saud bin Saqr Al Qasimi. A member of the Supreme Council of the UAE believes that the new zone will become a new engine in the development of the Emirate of Ras Al Khaimah.
It is noted that the Oasis of digital assets will become the first space in the world designed for the free implementation of companies’ activities in the field of cryptocurrencies.
The material was collected and processed by Sofia Chernopyatova.