Dubai’s Free Zone and Blockchain life 2023 update
Blockchain Life 2023 is a forum that sees the footfall of some of the most reputed experts from the field of virtual and digital asset industries. It was scheduled on February 27, 2023, and February 28, 2023, to recognize the platforms that have stood to their commitments to taking the industry forward.
On a similar line, it has been learned that Ras Al Khaimah in Dubai has come up with the Free Zone for digital and virtual asset companies. It is one of the seven emirates of the UAE, and the Free Zone is set to launch in the second quarter of the current year. The goal is to attract players and investors from across the world for the purpose-built zone that is not restricted to the virtual asset industry.
Entrepreneurs in the space will have complete ownership over their projects. Technologies to feature in the zone include metaverse, utility tokens, and blockchain, among many others, except for financial activities. The Free Zone by Ras Al Khaimah will initially see the launch of non-financial activities. It will be closely followed by the integration of financial activities provided they seek all the approvals from the Securities & Commodities Authority, which is also known as SCA.
SCA holds the right to govern virtual assets throughout the emirate; however, those rights are restricted in the Free Zone. Hence, financial activities will be initially limited by Ras Al Khaimah in the zone. The country already has over 40 Free Zones that are multidisciplinary in nature. They have attracted a large crowd from the blockchain and Web3 segment, including some of the regional ventures like Abu Dhabi Global Market and Dubai Multi Commodities Center.
This is not the first development within the UAE pertaining to the digital segment. It earlier unveiled its virtual asset legislation with VARA – the Virtual Asset Regulatory Authority – with the goal of protecting investors and setting a standard for the industry to operate in the region.
Known to be a dedicated blockchain event, Blockchain Life 2023 is next scheduled to happen from October 25, 2023, to October 26, 2023. Interested members can apply for participation, and a message will be sent to them once the sale for entry to Blockchain Life 2023 starts.
Huobi was seen shining at the event. Seychelles-headquartered crypto exchange platform has bagged the award for the Best Crypto Trading Platform at Blockchain Life 2023 in Dubai. The award looks to recognize the commitment of platforms in taking the industry forward and offering the best experience to their customers.
Huobi was founded in 2013, and the receipt of the reward makes it look much younger since it continues to invest efforts with that energy that is equivalent to a startup. A review of Huobi mentions that its operations are supported across the globe. Meaning receiving the reward makes it look like the best platform everywhere in all the possible ways.
Free-Trade Zone by Ras Al Khaimah and Huobi winning the reward in Dubai have only added stars to the UAE at the beginning of the new month.