UAE launched free trade zone RAK DAO for digital and virtual asset companies

On February 28, Ras Al Khaimah of the United Arab Emirates (UAE) launched the free trade zone The RAK Digital Assets Oasis (RAK DAO) for digital and virtual assets companies, which will open applications in the second quarter of 2023.

Interpretation of this information:

The United Arab Emirates (UAE) has been known for its innovative initiatives and advancements in various fields. Lately, the country is making waves in the digital asset industry with the launch of the RAK Digital Assets Oasis (RAK DAO). On February 28, Ras Al Khaimah launched this new free trade zone for companies that deal with digital and virtual assets.

The RAK DAO is expected to provide an environment that encourages the growth and development of companies in the digital and virtual asset industry. It is designed to offer a range of benefits and incentives to companies that set up their operations within this free trade zone. Some of these benefits include zero income tax, exemption from corporate tax, and zero restrictions on the repatriation of capital and profits.

Moreover, the RAK DAO is set to become a hub for research and development. It is expected to attract talent and expertise from around the world, creating a diverse and collaborative community that can drive innovation and progress within the digital asset industry. Given the UAE’s reputation as a hub for fintech and innovation, it is likely that the RAK DAO will attract many companies and investors in the coming years.

The launch of the RAK DAO is a significant development in the digital asset industry, as it signals a growing recognition of the value of these assets and the potential for their use in various industries. It also highlights the UAE’s commitment to innovation and its vision to become a leader in the digital asset industry.

The RAK DAO is scheduled to begin accepting applications in the second quarter of 2023. It will operate in line with the UAE’s regulatory framework for digital assets, which is considered to be one of the most progressive and comprehensive frameworks in the world.

In conclusion, the launch of RAK DAO is a commendable effort by the United Arab Emirates to create an enabling environment for the digital and virtual asset industry. Its many benefits for companies make it an attractive destination for investors and operators in this space, and it is poised to become a major hub for innovation and development in the digital asset industry in the coming years.