Ras Al-Khaimah, in the United Arab EMirates, on Monday announced plans to launch a free zone for digital and virtual asset companies to be known as the Digital Assets Oasis, reports Arab News.

Sheikh Mohammed bin Humaid bin Abdullah Al-Qasimi, chairman of RAK ICC, commented: 

We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future,

“As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world with our progressive, supportive and quick-to-adapt approach, and our innovation-enabling environment.”

According to a statement released by the government on Monday, the Digital Assets Oasis will be the first example in the world of a “purpose-built, innovation-enabling free zone for nonregulated activities in the virtual assets sector.”