RAK DAO, HBAR Boost Crypto Ecosystem in UAE

RAK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates devoted to crypto companies, has signed a memorandum of understanding (MOU) with the HBAR Foundation to support its ecosystem members through a grant program and by assisting them in leveraging the Hedera blockchain.

In an announcement, the chairman of RAK DAO, His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, stated that the collaboration with the HBAR Foundation will drive sustainable growth for the ecosystem and shape a future in which Ras Al Khaimah will emerge as a “global leader in the digital economy.” He said:

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish.”

According to the announcement, the partnership will provide access to a comprehensive grant program and specialized assistance in technology, marketing, and business development.

This is also intended to scale the adoption of new Web3 ideas.

Additionally, the two organizations will create additional initiatives, such as startup pitching sessions, and launch joint projects, such as venture studios or accelerators.

RAK DAO is part of the UAE’s efforts to support crypto businesses by providing a Web3-dedicated free trade zone.

Free zones within the UAE permit entrepreneurs to completely own their businesses.

Frequently, these trade zones have their own tax systems and regulatory frameworks.

Ras Al Khaimah announced on February 28 that it would support emerging technologies, such as the metaverse, blockchain, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized applications (DApps), through the RAK DAO.

The UAE is among the jurisdictions that have demonstrated support for the crypto space. In light of regulatory uncertainty in the United States, Binance, Coinbase, and Gemini, among others, have turned their attention to Japan’s regulatory approach to cryptocurrencies.