David - Cryptocurrency Specialist
The RAK Digital Assets Oasis (RAK DAO) is a new free zone in the United Arab Emirates that is set to launch in the second quarter of 2023. The free zone is dedicated to digital and virtual asset service providers in emerging technologies, including non-fungible tokens (NFTs), blockchain, decentralised autonomous organisations (DAOs), and other Web3-related businesses.
RAK DAO offers several benefits to entrepreneurs in the digital asset industry. One of the main advantages is that entrepreneurs have 100% ownership of their businesses and enjoy different regulatory frameworks and tax schemes. The free zone will provide a purpose-built, innovation-enabling environment for non-regulated activities in the virtual assets sector. RAK DAO aims to support the ambitions of entrepreneurs from around the world by providing them with the necessary infrastructure and resources to grow their businesses.
The UAE has been positioning itself as a forward-thinking hub for crypto firms by creating a friendly regulatory environment. The country has more than 40 multidisciplinary free zones, including the Dubai Multi Commodities Centre (DMCC), Dubai International Financial Centre (DIFC), and Abu Dhabi Global Market (ADGM), which have attracted numerous crypto, blockchain, and Web3 firms. The new RAK DAO free zone will add to this list and provide an opportunity for digital asset firms to operate in a favourable regulatory environment.
Non-fungible tokens (NFTs) are a type of digital asset that has been gaining popularity in recent years. NFTs provide unique ownership rights and cannot be exchanged for other tokens or assets. The NFT market has been growing rapidly, and investors are showing a lot of interest in buying NFT coins. The RAK DAO free zone will provide an opportunity for NFT service providers to operate in a favourable regulatory environment and tap into the growing NFT market.
The launch of the RAK DAO free zone in the UAE is a clear indication of the country's commitment to supporting the growth of the digital asset industry. The free zone will provide an opportunity for entrepreneurs in emerging technologies to explore the potential of the NFT crypto market. As the world's first free zone solely dedicated to digital and virtual asset companies, RAK DAO is poised to become a leading hub for NFT service providers and other Web3-related businesses.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing firstname.lastname@example.org from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to email@example.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at firstname.lastname@example.org Kind Regards