RAK Declares the World’s First Free Zone for Digital Assets

The people of Ras Al Khaimah are happy since their administration is the first to show the desire to establish a free zone for virtual digital assets and industries that operate on crypto. At Blockchain life 2023, the administration disclosed its intentions to establish its first-ever virtual digital hotspot.

The digital oasis will be home to unauthorized and unregulated actions in the crypto industry in a bid to enhance technology and innovation. It is alleged to be the only digital oasis in the world that intends to be home for crypto exchange service providers, including Blockchain and web3-based enterprises. However, the digital zone will be open for operations by the beginning of May.

The Government Critics

The chairman of RAK, Sheikh Mohammed Bin Humaid bin Abdullah Al Qasimi, responded to the establishment of the digital oasis, noting that the government of RAK was happy and proud to boost the economy and put the United Arab Emirates on the global map of economies.

He added that companies with a vision for the future would utilize the free zone and create room for ambitious entrepreneurs and modern technology.

The chief executive officer of RAK ICC, Dr. Sameer Al Ansari, announced that he was privileged to foster innovations in the decentralized sector and emerging technologies in the future. He added that the nation seeks to embrace smart web3 innovation to create a prosperous future for its citizens.

Dr. Al Ansari showed his commitment to fostering and boosting the next generation of universal talent, establishing substantial alternatives on how to boost the economy in RAK, and modeling the future of enterprises in the nation.

The Web3 Innovation

In the recent past, reports on cryptocurrency and blockchain technology have always captured the attention of media houses. However, it is also important to note the role that Web3 will play in enhancing and facilitating the decentralized network.

Nobody has ever disclosed the definition of Web3 protocol because it is still an evolving development. But, in simple terms, it is treated as a decentralized web system that enables users to secure their internet traffic and bypasses internet watchdogs.

Web3 will operate on Blockchain, saving information on linked devices. The technology would alter the normal functioning of the internet, indicating that it will eliminate the need for intermediaries while browsing the net.

The web3 ecosystem will enable individuals to govern their internet traffic and switch between different accounts, for example, from one social media to another, among other activities, while still utilizing one personal account, establishing a route on the Blockchain of all those activities.

This innovation brings us to the next generation on the internet, where many individuals will want full control of their online activities. First, however, some people need clarification on web 3.0 and web3.

Web3 is the innovation behind a decentralized network that is developed and operates on Blockchain; on the other hand, Web 3.0 is a collective connection of websites that combines everything and all activities on the internet at the information level.

The current internet technology can be viewed as one enormous pool of information, in which devices like smartphones and laptops can pull out whenever instructed but cannot understand the reason behind our commands.