UAE Free Zone partners with HBAR Foundation to support Web3 startups

2023-07-05 14:35:23

Author: EZRA REGUERRA, COINTELEGRAPH; Compiler: Songxue, Jinse Finance

RAK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates (UAE) dedicated to cryptocurrency companies, has signed a Memorandum of Understanding (MOU) with the HBAR Foundation to fund programs and help leverage the Hedera blockchain chain to support its ecosystem members.

His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO, stated that the partnership with the HBAR Foundation will drive sustainable growth of the ecosystem and will shape the future. The Emirate of Ras Al Khaimah in the United Arab Emirates will become a “global leader in the digital economy”. He said:

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

According to the announcement, the partnership will provide start-ups with a comprehensive funding package as well as dedicated support in the areas of technology, marketing and business development. This is also aimed at broadening the adoption of new ideas in the Web3 space. The two organizations will also develop other initiatives, including pitch meetings for start-ups and launch joint programs such as venture studios or accelerators.

RAK DAO is part of the UAE’s efforts to support cryptocurrency businesses by offering a free trade zone in the country dedicated to Web3. Free zones within the UAE allow entrepreneurs to have 100% ownership of their businesses within the country. These trade zones also typically have their own tax schemes and regulatory frameworks.

On February 28, the Emirate of Ras Al Khaimah announced that it will support emerging technologies such as Metaverse, Blockchain, Non-Fungible Tokens (NFT), Decentralized Autonomous Organizations (DAO), and Decentralized Applications through RAK DAO Programs (DApps) and other crypto-related businesses.

The UAE has been one of the jurisdictions that support the cryptocurrency space. Amid regulatory uncertainty in the U.S., the country’s approach to cryptocurrencies has attracted the attention of global crypto players such as Binance, Coinbase and Gemini.

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