RAK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates (UAE) focused on crypto companies, has recently entered into a memorandum of understanding (MOU) with the HBAR Foundation. The partnership aims to support ecosystem members of RAK DAO by providing grants and assistance in utilizing the Hedera blockchain.
His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO, expressed his belief that the collaboration with the HBAR Foundation will drive sustainable growth within the ecosystem. He envisions a future where the emirate of Ras Al Khaimah in the UAE becomes a global leader in the digital economy. Sheikh Mohammed stated that the establishment of the world’s first licensed Web3 ecosystem allows for seamless information exchange, fostering connections among businesses and enabling synergistic relationships to thrive.
As part of the collaboration, startups within the ecosystem will have access to a comprehensive grant program and specialized support in technology, marketing, and business development. The goal is to encourage the adoption of new ideas within the Web3 space. Additionally, the partnership will involve various initiatives such as startup pitching sessions, as well as the launch of joint projects like venture studios or accelerators.
RAK DAO is an integral part of the UAE’s initiative to support crypto businesses by providing a free-trade zone dedicated to Web3. In these free zones, entrepreneurs can have full ownership of their businesses within the country. Such zones often have unique tax schemes and regulatory frameworks tailored to facilitate the operations of businesses.
In February 2023, Ras Al Khaimah announced its commitment to supporting emerging technologies, including the metaverse, blockchain, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and other crypto-related ventures through RAK DAO.
The UAE has demonstrated its support for the crypto industry and has attracted the attention of global crypto businesses like Binance, Coinbase, and Gemini. The country’s regulatory approach to cryptocurrencies has been appealing, especially amid regulatory uncertainties in the United States.
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