As the crypto industry is flourishing day by day, United Arab Emirates (UAE) is also expanding its interest in the crypto industry to attract crypto players around the globe. UAE has recently announced that they are all set to launch free zones for crypto companies to work on virtual and digital assets.
This would ultimately attract a number of crypto users and companies to drag their interest over here as it would benefit them to work in a carefree zone.
UAE (United Arab Emirates) keeps on extending and implementing its strategies regarding the cryptocurrency and crypto industry. Recently, Ras Al Khaimah also took an exceptional step and steps forward to launch a free zone for crypto companies at a global level.
Ras Al Khaimah, the largest city and capital of the United States of Emirates (UAE), has taken the step and announced a piece of thrilling news via Blockchain Life 2023. According to the statement, it was announced that UAE is taking another step in the crypto industry and introducing a new free zone for virtual and digital assets.
FTZs (Free Trade Zones) are working on designating a particular space for the crypto players in the United States of Arab Emirates where they would be able to work without any restrictions. This facility would include different features.
They won’t have to pay any corporate taxes. There would not be any sort of personal income taxes. Moreover, that would assure 100 percent foreign ownership without any customs duties. This free zone would be one of its kind as it would include simple registration and licensing criteria along with streamlined procedures regarding different business setups.
Dedication of Free Zones for Digital Assets
Sheikh Mohammad bin Humaid the Chairman of RAK DAO (Digital Assets Oasis) and RAK ICC, disclosed the need and futuristic approach to launching free zones. The Chairman of RAK DAO highlighted the manifold aspects and benefits of such free zones as he proudly shared the setup of free zones in UAE.
He said that they are bringing innovation that is meant for the best tech future for the future companies. Moreover, it is important to note that this is going to be the first free zones where the global crypto players would be able to work without any restrictions. He assured that these free zones would be purely dedicated to virtual and digital asset companies.
UAE’s Support for Crypto Narratives
UAE has proved itself as a favorable and concerning state for the crypto industry as it has been entertaining crypto users across the globe.
In addition to that, United Arab Emirates (UAE) has always been adopting different strategies to regulate digital and virtual assets and has proven to be a favorable environment for crypto firms as well. Last year, UAE proved itself to be the leader of the blockchain and crypto space by making fruitful efforts.
Last year, a well-known Crypto Centre named DMCC (Dubai Multi Commodities Centre) was also established, which is best known as the largest crypto exchange for its trading volume. It is also working to formulate the best and most favorable crypto space in UAE.
Moreover, UAE’s government is also taking significant steps regarding the regulation of cryptocurrencies as an economic asset. And to support crypto narratives, UAE’s government has even launched numerous initiatives to back and support digital and virtual assets along with diversified blockchain technology.