BlocksInform
Latest Report
Can crypto reach 1 billion users by 2025?
The cryptography industry could reach up to 1.2 billion people by 2025, although it is growing at the most conservative pace.
Andjela Radmilac last night.
The Ras al Khaimah government is preparing to unveil a new custom-made free zone for companies with digital and virtual assets as the United Arab Emirates (United Arab Emirates) are consolidating their position as A magnet for developing blockchain actors.
Known as the Rak Digital Assets Oasis, this custom-built area will serve as a dedicated and innovative space for non-regulated activities in the field of virtual assets. The area should begin accepting applications starting in the second quarter of 2023, in accordance with a formal statement from the government on Monday.
We are building the future free zone for tomorrow's businesses. As the first free zone in the world dedicated exclusively to digital and virtual asset firms, we look forward to supporting the ambitions of entrepreneurs around the world."
The RAK Digital Assets Oasis will only be available to digital and virtual asset service providers in new and emerging industries such as metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens, self-governing decentralised organisations, decentralized applications, and other businesses associated with the Web3.
The oasis of digital rake resources will offer an array of support for businesses, inclusive of adoption frameworks that foster innovation, specialised consultative services, flexible workspaces, accelerators, incubators, sandboxes, and the availability of financing, the declaration said.
The country proactively offers incentives to encourage digital companies to set up activities in its territory. In July, Thani Al Zeyoudi, please, the Minister of State for Trade and Development, announced that the first phase of the NextGenFDI initiative aims to attract 300 digital companies in the next six to 12 months.
UAE as an alliance of Free Zones
Free zones, otherwise referred to as free-trade zones, are designated economic districts that offer entrepreneurs complete ownership of their enterprises, as well as access to favourable tax regimes.
The United Arab Emirates has devoted significant resources to developing infrastructure and reviewing policies to increase their attractiveness to businesses and entrepreneurs, for the development of its non-petroleum economy.
According to a recent Dubai Chamber report on the digital economy, the digital economy of the United Arab Emirates is expected to reach more than 140 billion dollars by 2031, worth about $38 billion at present.
Digital asset industry in Dubai
In March of last year, Dubai implemented the Dubai Virtual Asset Regulation Law, with the aim of establishing a cutting-edge legal framework that safeguards investors and establishes global standards for governance within the virtual asset industry. The purpose of this law is to promote a responsible expansion of the sector in the UAE.
Furthermore, it also resulted in the regulatory authority for virtual assets (vara), an independent entity responsible for regulating industry in the Dubai FTZ, except the international financial center of Dubai.
However, the central bank of the United Arab Emirates, which has its head office in the Emirate of Abu Dhabi, does not recognise cryptocurrencies as currency of exchange.
Dorian Batycka
Contributor at CryptoSlate
Dorian Batycka is a journalist interested in art and technology. He's already contributed to coindesk, decipher, artforum, artnet news, art journal, and many more. You can find it on Twitter and Instagram @temp_projects, where it often makes its way into financial and artistic news, scandals and events.
U.A.E., ,
