The UAE wants to gain as much lead as possible in the crypto-blockchain industry. As the crypto-blockchain industry grows advanced, the UAE wants to be on top of it.
Ras Al Khaimah, one of the Emirates in the country has vowed to offer the best platform for the expansion of the crypto-blockchain industry.
This is the reason why the emirate has announced that it wants to go above and beyond for the expansion of the cryptocurrency industry.
The emirate recently announced that cryptocurrency and blockchain firms were free to operate in a zone dedicated to a particular industry. The emirate officials confirmed that it would be a zero-tax zone.
With the announcement, Ras Al Khaimah has become the first-ever jurisdiction in the entire world where the crypto industry can thrive to its full potential.
However, the regulatory authorities had announced that the firms would be subject to approval from the government. The firms will submit their requests and if the firm is eligible, it will be allowed to enter and operate in the zone.
More Comes from Ras Al Khaimah
According to Emirate officials, they have more details about the free zone for the companies.
The state has decided that cryptocurrencies will be allowed in the particular zone as a mode of payment. The people and the companies in the particular zone will be able to make and accept payments in cryptocurrencies.
Even the companies looking forward to setting up their businesses in the particular zone will have to accept cryptocurrencies. The information has been confirmed by one of the lawyers of the particular Emirate.
The lawyer is also involved with the teams working on the development of the hub.
Statement by Irina Heaver
The lawyer has made a statement pertaining to the digital assets offered in the free zone. She has stated that the particular entity in charge of dealing with the offering of cryptocurrencies in the zone is RAK DAO.
It is the digital assets regulatory authority that have been put together by Ras Al Khaimah. The particular authority is going to decide which cryptocurrencies will be adopted as a mode of payment in the region.
According to the regulator, it has adopted Bitcoin as the primary mode of payment in the free zone. It may also go for other tokens in the future. But for now, they have decided to go for Bitcoin. Later, they will go for other stablecoins.
The authority has announced that while other tokens are under review, they have decided that Bitcoin will be the top cryptocurrency in the zone.
Going forward, the authority may allow the usage of Tether (USDT) in the tax-free zone.