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Ras Al Khaimah, one of the seven Emirates of the UAE, will reportedly launch the world’s first free zone dedicated solely to companies operating in the crypto industry. The RAK Digital Assets Oasis (RAK DAO) allows entrepreneurs to have complete ownership of their businesses and have their own tax and regulatory frameworks, except for the criminal law of the UAE. The free zone offers a platform for VASPs in emerging technologies such as blockchain, metaverse, nonfungible tokens (NFTs), decentralized applications (DApps), and other Web3-related businesses. Applications to operate businesses in the free zone will open in the second quarter of 2023.

Source: https://cointelegraph.com