What future for cryptos?– The question no longer arises for the United Arab Emirates (UAE) : the economic future of the country rests on cryptocurrencies. The land of the desert is preparing to become a top space for Bitcoin and its peers, and a real leader in this field. In this sense, the State recently informed us of the creation of a free trade zone that will allow businesses to accept cryptocurrency payments.
The “free zone” new crypto playground in the UAE
This free zone in Ras Al Khaimah – free zone – will enable companies to operate in a environment flexible regulatory, favorable to the adoption of cryptocurrencies. Nicknamed RAK Digital Oasis (RAK DAO) this free zone will be reserved for digital asset providers and other crypto companies. According to the UAE government, this initiative aims to:
- Strengthen the role of the United Arab Emirates as a global financial center;
- encourage innovation in the field of payments.
This free trade area will guarantee tax and regulatory benefits for businesses operating in the cryptocurrency industry. They will be able to benefit from a flexible regulationof a favorable taxation and of attractive operating conditions. The Free Zone will also allow companies to obtain licenses quickly, which will accelerate their entry into the market.
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Is the UAE on the Voice of Crypto Adoption?
These beginnings of the adoption of cryptocurrencies are not new for the country of the desert which already allows the talents of the crypto ecosystem and promising start-ups toget 10 year visasand also offers them federal licenses attractive.
But here, this free zone project, which was not born out of thin air, nevertheless takes on another dimension. Wishing to become a real crypto epicenter, it will also be for the country and its RAK DAO project to develop Bitcoin nodes on the Lightning Network.
The United Arab Emirates therefore wishes to establish its dominance in the still young cryptocurrency sector. By offering an economically attractive free zone, the desert country wants to expand its crypto network beyond the gates of Dubai the crypto oasis of the desert and the metaversewho recently saw listed on the Dubai Stock Exchange.
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