Dubai’s Free Zone and Blockchain Life 2023 Update

Blockchain Life 2023 is a forum that sees the footfall of some of the most recognized experts in the virtual and digital asset industries. It was scheduled for February 27, 2023 and February 28, 2023, to recognize the platforms that have lived up to their commitments to take the industry forward.

On a similar line, it has been learned that Ras Al Khaimah in Dubai has come up with Free Zone for digital and virtual asset companies. It is one of the seven emirates of the United Arab Emirates, and the Free Zone is to be launched in the second quarter of this year. The goal is to attract players and investors from around the world for the purpose-built zone that is not limited to the virtual asset industry.

Contractors in the space will have complete ownership over their projects. Technologies found in the zone include metaverse, utility tokens and blockchain, among many others, apart from financial activities. The free zone of 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 approvals from the Securities & Commodities Authority, which is also known as the SCA.

SCA has the right to manage virtual assets throughout the emirate; however, these rights are limited during the free period. Therefore, financial activities will initially be limited by Ras Al Khaimah in the zone. The country already has over 40 freelancers who are interdisciplinary. They have attracted a large audience from the blockchain and Web3 segment, including some of the regional ventures such as Abu Dhabi Global Market and Dubai Multi Commodities Center.

This is not the first development within the UAE related to the digital segment. It previously unveiled its virtual asset legislation with VARA – the Virtual Asset Regulatory Authority – aiming to protect investors and set a standard for the industry to operate in the region.

Known to be a dedicated blockchain eventBlockchain Life 2023 is next scheduled to take place from October 25, 2023 to October 26, 2023. Interested members can apply for participation, and a notification will be sent to them when the Blockchain Life 2023 admission sale starts.

Huobi was seen shining at the event. The Seychelles-headquartered crypto exchange platform has won the Best Crypto Trading Platform award 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 receiving the reward makes it look much younger as it continues to invest efforts with the energy equivalent to a startup. ONE review by Huobi mentions that the operation is supported worldwide. That means receiving the reward makes it look like the best platform anywhere in every possible way.

The Free-Trade Zone of Ras Al Khaimah and Huobi winning the reward in Dubai just added stars to the UAE at the beginning of the new month.