UAE Free Zone partners with HBAR Foundation to support Web3 startups

Author: EZRA REGUERRA, COINTELEGRAPH; Translation: Matsuyuki, Blocking

RAK Digital Assets Oasis (RAK DAO) is a free zone in the United Arab Emirates (UAE) dedicated to cryptocurrency companies. It has signed a memorandum of understanding (MOU) with the HBAR Foundation to support its ecosystem members through funding programs and help with utilizing the Hedera blockchain.

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

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating seamless exchange of information, connecting cross-industry enterprises, and paving the way for the flourishing of collaborative relationships.”

According to the announcement, this partnership will provide comprehensive funding programs for startups as well as specialized support in the areas of technology, marketing, and business development. This is also intended to expand the adoption of new ideas in the Web3 space. The two organizations will also develop other initiatives, including startup pitching sessions and joint projects such as launching a risk workshop or accelerator.

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

On February 28, the Emirate of Ras Al Khaimah announced that it will support emerging technologies such as metaverse, blockchain, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and other crypto-related businesses through RAK DAO.

The UAE has been one of the jurisdictions that support the cryptocurrency industry. In the face of regulatory uncertainty in the US, the country’s approach to regulating cryptocurrencies has attracted the attention of global cryptocurrency companies such as Binance, Coinbase, and Gemini.

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