RAK Digital Assets Oasis ( RAK DAO), a free zone in the United Arab Emirates dedicated 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 in leveraging the Hedera blockchain.
In an announcement sent to Cointelegraph, His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the chairman of RAK DAO, said that the association with HBAR Foundation would drive sustainable growth for the ecosystem and will shape a future where the UAE emirate of 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”.
Moreover, according to the announcement, the association will give startups access to a comprehensive grant program and specialized technology, marketing, and business development support. This also aims to scale adoption for new ideas in the Web3 space. The two organizations will create other initiatives, including startup pitching sessions and launch joint projects like venture studios or accelerators.
Furthermore, RAK DAO is a pet of the UAE’s efforts to support crypto businesses by offering a free-trade zone in yeh country dedicated to Web 3. Free zones within the UAE allow entrepreneurs to have 100% ownership of their companies. These trade zones also have their own tax schemes and regulatory frameworks.
Moreover, on 28th February, the emirate of Ras Al Khaimah announced that it would support emerging technologies, like metaverse, blockchain, non-fungible tokens( NFTs), decentralized autonomous organizations (DAOs), decentralized applications ( DAapps), and other crypto-related businesses through RAK DAO.
The UAE has also been one of the jurisdictions supporting crypto space. The country’s regulatory approach to crypto has attracted the attention of global crypto businesses like Coinbase, Binance, and Geminin amid regulatory uncertainty in the United States.
