The HBAR Foundation and RAK Digital Assets Oasis, a free zone in the United Arab Emirates devoted to cryptocurrency businesses, have signed a memorandum of understanding.
In order to encourage the ecosystem’s members through a grant program and assist them in using the Hedera blockchain, the HBAR Foundation and RAK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates dedicated to cryptocurrency firms, have signed a memorandum of understanding (MOU).
His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the chairman of RAK DAO, stated in a statement that the partnership with HBAR Foundation will foster long-term ecosystem growth and help Ras Al Khaimah, in the United Arab Emirates, become a “global leader in the digital economy.” He stated:
“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.”
An extensive grant program and expert assistance in technology, marketing, and business development will be available to entrepreneurs as a result of the agreement, it is stated in the statement.
This also intends to accelerate the acceptance of fresh concepts in the Web3 sector. The two institutions will also initiate cooperative ventures like venture studios or accelerators and other activities like company pitching sessions.
By providing a free-trade zone specifically for Web3, the UAE supports cryptocurrency firms through RAK DAO. Entrepreneurs can own 100% of their company within the UAE’s free zones.
These trade zones frequently have their tax structures and legal systems.On February 28, the Ras Al Khaimah emirate declared that RAK DAO, a decentralized autonomous organization, will encourage new technologies, including the metaverse, blockchain, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized apps (DApps), and other cryptocurrency-related enterprises.
One of the countries that has shown support for the cryptocurrency industry is the UAE. Global cryptocurrency companies, including Binance, Coinbase, and Gemini, have expressed interest in the nation due to its regulatory framework for cryptocurrencies in the face of regulatory uncertainty in the United States.
