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World's First Crypto Freezone in UAE
World’s First Crypto Freezone in UAE
A dedicated digital and virtual assets UAE freezone has been introduced. It is based in the Emirate of Ras Al Khaimah. And it is called the Digital Assets Oasis, established under the Ras Al Khaimah Law No. 2 of 2023.
It is reported to be the world’s first and only crypto freezone, set up exclusively to host digital and virtual asset companies.
Which are operating in new and emerging sectors, such as the:
- Metaverse,
- Blockchain,
- Utility tokens,
- Virtual asset wallets,
- NFTs, and
- Other Web3-related businesses.
The crypto UAE Freezone, ie, the Digital Assets Oasis has been granted financial, administrative, and legislative independence.
And it will be affiliated with the newly created Department of the Future. Which was established by virtue of RAK Law No. 1 of 2023.
RAK Digital Assets Oasis will open for applications in the second quarter of 2023.
Crypto Freezone in UAE - FAQ
Where is the crypto freezone in UAE located?The digital and virtual assets UAE freezone introduced is located in Ras Al Khaimah.
What is the name of the crypto freezone in UAE?It is called the Digital Assets Oasis, established under the Ras Al Khaimah Law No. 2 of 2023.
What will the new crypto freezone in UAE operate?It will include the following the sectors:
1) Metaverse,
2) Blockchain,
3) Utility tokens,
4) Virtual asset wallets,
5) NFTs, and
6) Other Web3-related businesses.
RAK Digital Assets Oasis will open for applications in the second quarter of 2023.
Will opening a bank account in UAE allow one to transfer funds from crypto platform to a bank account without having to pay income tax, legally?Yes. There is no income tax in the UAE. And your financial transactions are not going to be subject to tax. There will be some banking charges, as is the case with all financial transactions. But no tax. And even when corporate tax is introduced, they will apply only to businesses with profit. Your type of transaction will not be subject to tax even then.
