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Law No. (2) of 2023 on Establishing Ras Al Khaimah Digital Assets Oasis

Law
Law No. (2) of 2023 on Establishing Ras Al Khaimah Digital Assets Oasis We, Saud Bin Saqr Bin Mohamed Al Qasimi Ruler of Ras Al Khaimah Based on the powers granted to us by provisions of Constitution. Having Perused Law No. 1 of 2023 on Establishing Department of Future, based on public interest requirements, have promulgated the following law: Article (1) This Law shall be named " Ras Al Khaimah Digital Assets Oasis” law. Article (2) In implementing the provisions of this Law, the following words and phrases shall have the meanings indicated next to each of them, unless the context requires otherwise: State: United Arab Emirates. Emirate: Emirate of Ras Al Khaimah. Government: Government of Ras Al Khaimah. Public Prosecutor: Public Prosecutor of the Emirate. Department: Department of Future established by virtue of Law no. 1 of 2023. Ras Al Khaimah Digital Assets Oasis: The zones established by virtue of this Law and which boundary is defined in accordance with the Decrees promogulated in this respect. Authority: Ras Al Khaimah Digital Assets Oasis Authority. Board of Directors: Authority Board of Directors. Chairman: Chairman of Authority Board of Directors. Chief Executive Officer: Chief Executive Officer of the Authority. Companies: All types of companies licensed by the Authority. Activity: All activities licensed by the Authority in accordance with the provisions of applicable federal laws and objectives of the Law. Article (3) RAK Digital Assets Oasis is hereby established as a free zone which geographical boundaries shall be determined by a decree promogulated in this respect. Article (4) RAK Digital Assets Oasis aims at achieving the following objectives: a. Raising the levels of economic growth and diversification in the Emirate. b. Promoting the status of the Emirate and enhancing its competitiveness as an economic and global destination for business. c. Attracting national and foreign investments in all economic fields. d. Providing a flexible business environment and enhancing opportunities for success and prosperity. e. Licensing companies operating in virtual assets sector, as well as electronic and digital activities and activities related thereto. Article (5) a. An independent governmental authority affiliated to Department of Future named "RAK Digital Assets Oasis Authority" shall be established and have an independent legal personality and enjoy financial and administrative independence in all its affairs. Further, it shall have the necessary legal capacity to undertake all actions and acts ensuring achievement of its objectives. b. The assets and funds of the Authority are considered as public funds. c. RAK Digital Assets Oasis shall be managed by the Authority. Article (6) The financial resources of the Authority shall consist of the following governmental fees: a. Fees which include, but not limited to, licensing fees, administrative fees, and other legal rights and benefits thereof and services provided by the Authority. b. Any other resources approved by the Board in accordance with the objectives of RAK Digital Assets Oasis. Article (7) The headquarters of the Authority shall be located in the Emirate, and it may open branches and offices inside or outside the State which contribute to achievement of its objectives. Article (8) 1. The Authority shall have the following competences: a. Listing activities and conditions required for licensing such activities within RAK Digital Assets Oasis. b. Licensing, renewing, striking-off and de-registering companies, establishments, and individuals in accordance with the applicable rules and regulations therewith. However, Authority shall be entitled to refuse licensing, renewing or striking-off any entity. c. Setting labor rules and regulations for its personnel. d. Considering labor complaints submitted by the companies and their employees, working to solve them amicably and referring the same to the competent authorities. e. Securing employment visas and residency permits for companies and individuals within its boundary in accordance with the laws in force. f. Monitoring and inspecting companies and individuals working within the locations thereof to ensure their compliance with applicable laws, regulations and rules therewith, and taking legal procedures in this regard. g. Coordinating with other federal and local authorities in areas relevant to the objectives of RAK Digital Assets Oasis. h. Any other competence that is necessary to achieve the objectives for which RAK Digital Assets Oasis was established. 2- The Authority may delegate all or part of its competences to any affiliate or private company whether inside or outside the State for the purpose of achieving its objectives in accordance with the policies and controls determined by Board of Directors. Article (9) a. The Authority shall be managed by a Board of Directors comprised of a Chairman and number of members to be appointed by a resolution issued by His Highness Ruler of the Emirate. b. The Board of Directors shall convene at least four times a year and whenever necessary upon request of the Chairman or one-third of the members. c. Meetings of Board of Directors shall be valid if attended by the Chairman or his authorized representative, and at least half of the members. In all cases, meetings of Board of Directors shall not be valid unless attended by the Chairman or his authorized representative. d. The Board of Directors shall take decisions thereof by majority of votes present at the meeting. In the event of a tie in votes, the Chairman shall have casting vote. e. The Chairman and members of the Board shall have the right to delegate other members to attend meetings and vote on decisions. Article (10) 1. The Board of Directors shall have all necessary powers for conducting business of RAK Digital Assets Oasis, including but not limited to, the following: a. Approving the strategic policies and plans which aim at achieving the Authority's objectives. b. Issuing necessary decisions and regulations to implement this law. c. Approving the rules and regulations necessary for handling Authority's affairs and management and organization of RAK Digital Assets Oasis and employees thereof. d. Discussing and approving reports submitted by the CEO. e. Approving the Authority's draft annual budget and its final account. f. Preparing an annual report on the Authority's business and activities. g. Approving services fees and exemptions therefrom. h. Appointing and terminating the CEO and determining his tasks, powers and entitlements. i. Forming committees to practice the tasks of Board of Directors. 2. The Board of Directors shall be entitled to delegate any of its powers stipulated in paragraph (1) of this Article to the Chairman, any of members of the Board or committees emerging from Board of Directors provided that such delegation shall be written and specific, taking into consideration non-existence of conflict of interests between the delegated person and the delegated powers. Article (11) 1. The CEO shall have all necessary powers for conducting day-to-day management of the Authority in accordance with the policies and delegation of powers approved by Board of Directors, including but not limited to: a. Proposing strategic, development and operational policies and plans that shall achieve objectives of the Authority and implementing the approved ones. b. Proposing draft administrative, financial, and technical systems and regulations necessary for regulating work in the Authority. c. Preparing the draft annual budget and final account of the Authority and submitting the same to Board of Directors. d. Proposing the organizational structure of the Authority and submitting the same to Board of Directors for approval. e. Appointing the necessary administrative and technical cadres for conducting Authority's business and terminating them. f. Preparing salary scales, allowances, annual increments and job grades for Authority's cadres. g. Preparing fees and exemptions for services provided by the Authority. h. Issuing list of administrative sanctions related to violations that might be committed by companies and cases of exemption therefrom. i. Any other powers delegated thereto by Board of Directors. 2. The CEO may delegate any of his powers to any member of the executive management as he deems fit. Article (12) a. During exercising their duties, Chairman, members of Board of Directors or the CEO of the Authority shall not hold civil liability toward third parties for any act or omission in connection with this administration, unless such act or omission was in bad faith in violation of the applicable laws and regulations. The Authority shall have sole civil liability toward third parties for such act or omission by provisions of this Law. b. Neither the Authority nor its personnel shall be liable to third parties for the obligations of the companies licensed or authorized by the Authority to work within its locations and personnel working in any of such companies. Article (13) The Authority, its personnel, companies, and branches of Companies incorporated within RAK Digital Assets Oasis and their personnel shall be exempted from all taxes related to their operations within RAK Digital Assets Oasis. Moreover, they shall be excluded from any restrictions related to transferring capital, profits or wages in any currency to any authority outside RAK Digital Assets Oasis in such a way that does not contradict with any federal law. Article (14) a. The Authority and companies shall have all privileges and exemptions stipulated in the federal laws in accordance with the provisions of such laws. b. The Authority shall be exempted from all local government fees and charges. c. The Authority shall be subject to regulations of institutional excellence in the government as per the categories determined in this regard. d. The Authority shall follow the international financial reporting standards. Article (15) The employees, designated by decision from Public Prosecutor based on recommendation of the Board, shall have the capacity of judicial officers in proving the acts committed in violation of provisions of this law and resolutions issued in implementation thereof and they have, for the purpose of detecting violations of its provisions, the power to enter the premises of companies and establishments subject to this law and seek the help of police personnel when necessary. Article (16) As an exception to Law of Government Lawsuits No. 4 of 2012, the CEO shall represent the Authority in its relations with third parties and before judiciary and shall be responsible for defending its rights or the rights of any of the companies or entities delegated thereby in accordance with controls determined by Board of Directors. For that purpose, the CEO shall have the right to initiate procedures by himself as principal, or by appointing as proxy whomever he deems appropriate among qualified lawyers, consultants and arbitrators, or delegate any of the personnel in Legal Department of the Authority provided that such delegation shall be in writing and limited. Article (17) Any provision of other local code shall be repealed to the extent to which it is in conflict with the provisions of this Law. Article (18) This Law shall come into force from the date of its promulgation and shall be published in the Official Gazette. Saud Bin Saqr Bin Mohamed Al Qasimi Ruler of Ras Al Khaimah Promogulated by us on this day Seventh of Sha’ban 1444 H. Corresponding to Twenty Seventh of February 2023 G.
  • This Law shall be named " Ras Al Khaimah Digital Assets Oasis” law.
     
  • In implementing the provisions of this Law, the following words and phrases shall have the meanings indicated next to each of them, unless the context requires otherwise:
    State: United Arab Emirates.
    Emirate: Emirate of Ras Al Khaimah.
    Government: Government of Ras Al Khaimah.
    Public Prosecutor: Public Prosecutor of the Emirate. 
    Department: Department of Future established by virtue of Law no. 1 of 2023.
    Ras Al Khaimah Digital Assets Oasis: The zones established by virtue of this Law and which boundary is defined in accordance with the Decrees promogulated in this respect.
    Authority: Ras Al Khaimah Digital Assets Oasis Authority.
    Board of Directors: Authority Board of Directors. 
    Chairman: Chairman of Authority Board of Directors.
    Chief Executive Officer: Chief Executive Officer of the Authority.
    Companies: All types of companies licensed by the Authority.
    Activity: All activities licensed by the Authority in accordance with the provisions of applicable federal laws and objectives of the Law.

  • RAK Digital Assets Oasis is hereby established as a free zone which geographical boundaries shall be determined by a decree promogulated in this respect.
     
  • RAK Digital Assets Oasis aims at achieving the following objectives:
    a. Raising the levels of economic growth and diversification in the Emirate.
    b. Promoting the status of the Emirate and enhancing its competitiveness as an economic and global destination for business.
    c. Attracting national and foreign investments in all economic fields.
    d. Providing a flexible business environment and enhancing opportunities for success and prosperity.
    e. Licensing companies operating in virtual assets sector, as well as electronic and digital activities and activities related thereto. 

     
  • a. An independent governmental authority affiliated to Department of Future named "RAK Digital Assets Oasis Authority" shall be established and have an independent legal personality and enjoy financial and administrative independence in all its affairs. Further, it shall have the necessary legal capacity to undertake all actions and acts ensuring achievement of its objectives.
    b. The assets and funds of the Authority are considered as public funds. 
    c. RAK Digital Assets Oasis shall be managed by the Authority.
     
  • The financial resources of the Authority shall consist of the following governmental fees:
    a. Fees which include, but not limited to, licensing fees, administrative fees, and other legal rights and benefits thereof and services provided by the Authority.
    b. Any other resources approved by the Board in accordance with the objectives of RAK Digital Assets Oasis.

     
  • The headquarters of the Authority shall be located in the Emirate, and it may open branches and offices inside or outside the State which contribute to achievement of its objectives.
     

  • 1. The Authority shall have the following competences:
    a. Listing activities and conditions required for licensing such activities within RAK Digital Assets Oasis.
    b. Licensing, renewing, striking-off and de-registering companies, establishments, and individuals in accordance with the applicable rules and regulations therewith. However, Authority shall be entitled to refuse licensing, renewing or striking-off any entity. 
    c. Setting labor rules and regulations for its personnel.
    d. Considering labor complaints submitted by the companies and their employees, working to solve them amicably and referring the same to the competent authorities.
    e. Securing employment visas and residency permits for companies and individuals within its boundary in accordance with the laws in force.
    f. Monitoring and inspecting companies and individuals working within the locations thereof to ensure their compliance with applicable laws, regulations and rules therewith, and taking legal procedures in this regard.
    g. Coordinating with other federal and local authorities in areas relevant to the objectives of RAK Digital Assets Oasis.
    h. Any other competence that is necessary to achieve the objectives for which RAK Digital Assets Oasis was established.
    2- The Authority may delegate all or part of its competences to any affiliate or private company whether inside or outside the State for the purpose of achieving its objectives in accordance with the policies and controls determined by Board of Directors.
     
  • a. The Authority shall be managed by a Board of Directors comprised of a Chairman and number of members to be appointed by a resolution issued by His Highness Ruler of the Emirate. 
    b. The Board of Directors shall convene at least four times a year and whenever necessary upon request of the Chairman or one-third of the members.
    c. Meetings of Board of Directors shall be valid if attended by the Chairman or his authorized representative, and at least half of the members. In all cases, meetings of Board of Directors shall not be valid unless attended by the Chairman or his authorized representative.
    d. The Board of Directors shall take decisions thereof by majority of votes present at the meeting. In the event of a tie in votes, the Chairman shall have casting vote.
    e. The Chairman and members of the Board shall have the right to delegate other members to attend meetings and vote on decisions.
     
  • 1. The Board of Directors shall have all necessary powers for conducting business of RAK Digital Assets Oasis, including but not limited to, the following:
    a. Approving the strategic policies and plans which aim at achieving the Authority's objectives. 
    b. Issuing necessary decisions and regulations to implement this law.
    c. Approving the rules and regulations necessary for handling Authority's affairs and management and organization of RAK Digital Assets Oasis and employees thereof.
    d. Discussing and approving reports submitted by the CEO.
    e. Approving the Authority's draft annual budget and its final account.
    f. Preparing an annual report on the Authority's business and activities.
    g. Approving services fees and exemptions therefrom.
    h. Appointing and terminating the CEO and determining his tasks, powers and entitlements.
    i. Forming committees to practice the tasks of Board of Directors.  
    2. The Board of Directors shall be entitled to delegate any of its powers stipulated in paragraph (1) of this Article to the Chairman, any of members of the Board or committees emerging from Board of Directors provided that such delegation shall be written and specific, taking into consideration non-existence of conflict of interests between the delegated person and the delegated powers.
     
  • 1. The CEO shall have all necessary powers for conducting day-to-day management of the Authority in accordance with the policies and delegation of powers approved by Board of Directors, including but not limited to:
    a. Proposing strategic, development and operational policies and plans that shall achieve objectives of the Authority and implementing the approved ones.
    b. Proposing draft administrative, financial, and technical systems and regulations necessary for regulating work in the Authority. 
    c. Preparing the draft annual budget and final account of the Authority and submitting the same to Board of Directors.
    d. Proposing the organizational structure of the Authority and submitting the same to Board of Directors for approval.
    e. Appointing the necessary administrative and technical cadres for conducting Authority's business and terminating them. 
    f. Preparing salary scales, allowances, annual increments and job grades for Authority's cadres. 
    g. Preparing fees and exemptions for services provided by the Authority.
    h. Issuing list of administrative sanctions related to violations that might be committed by companies and cases of exemption therefrom.
    i. Any other powers delegated thereto by Board of Directors.
    2. The CEO may delegate any of his powers to any member of the executive management as he deems fit.
     
  • a. During exercising their duties, Chairman, members of Board of Directors or the CEO of the Authority shall not hold civil liability toward third parties for any act or omission in connection with this administration, unless such act or omission was in bad faith in violation of the applicable laws and regulations.  The Authority shall have sole civil liability toward third parties for such act or omission by provisions of this Law.
    b. Neither the Authority nor its personnel shall be liable to third parties for the obligations of the companies licensed or authorized by the Authority to work within its locations and personnel working in any of such companies.  
     
  • The Authority, its personnel, companies, and branches of Companies incorporated within RAK Digital Assets Oasis and their personnel shall be exempted from all taxes related to their operations within RAK Digital Assets Oasis. Moreover, they shall be excluded from any restrictions related to transferring capital, profits or wages in any currency to any authority outside RAK Digital Assets Oasis in such a way that does not contradict with any federal law. 
     
  • a. The Authority and companies shall have all privileges and exemptions stipulated in the federal laws in accordance with the provisions of such laws. 
    b. The Authority shall be exempted from all local government fees and charges. 
    c. The Authority shall be subject to regulations of institutional excellence in the government as per the categories determined in this regard.  
    d. The Authority shall follow the international financial reporting standards. 
     
  • The employees, designated by decision from Public Prosecutor based on recommendation of the Board, shall have the capacity of judicial officers in proving the acts committed in violation of provisions of this law and resolutions issued in implementation thereof and they have, for the purpose of detecting violations of its provisions, the power to enter the premises of companies and establishments subject to this law and seek the help of police personnel when necessary.
     
  • As an exception to Law of Government Lawsuits No. 4 of 2012, the CEO shall represent the Authority in its relations with third parties and before judiciary and shall be responsible for defending its rights or the rights of any of the companies or entities delegated thereby in accordance with controls determined by Board of Directors. For that purpose, the CEO shall have the right to initiate procedures by himself as principal, or by appointing as proxy whomever he deems appropriate among qualified lawyers, consultants and arbitrators, or delegate any of the personnel in Legal Department of the Authority provided that such delegation shall be in writing and limited.
     
  • Any provision of other local code shall be repealed to the extent to which it is in conflict with the provisions of this Law.

     
  • This Law shall come into force from the date of its promulgation and shall be published in the Official Gazette.

Classification
  • Civil Legislation
  • Economic Legislation
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