His Highness Sheikh Saud bin Saqr Al Qasimi, a member of the UAE Supreme Council and the Ruler of Ras Al Khaimah, has announced the establishment of the world’s first free zone dedicated to digital and virtual asset companies. The Ras Al Khaimah Digital Assets Oasis will be an independent governmental authority affiliated with the newly created Department of the Future, established under Law No. 2 of 2023. The law grants the Digital Assets Oasis financial, administrative, and legislative independence, which will allow it to function as a purpose-built, innovation-enabling free zone in the virtual assets sector.
The new free zone will operate with a comprehensive, bespoke, and innovation-enabling digital asset approach. This will include a regulatory framework tailored to the needs of digital and virtual asset companies, along with the development of the necessary infrastructure, services, and facilities to support these businesses.
The establishment of the Digital Assets Oasis is part of a broader strategy to bolster economic growth and diversification in the Emirate of Ras Al Khaimah. In addition to the Digital Assets Oasis, His Highness announced Law No. 1 of 2023, which outlines the creation of the Department of the Future. The department aims to promote Ras Al Khaimah’s growing status as a hub for innovation and enhance its competitiveness as an economic and global destination for businesses in various sectors.
