RAK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates (UAE) dedicated to cryptocurrency companies, has entered into a Memorandum of Understanding (MOU) with the HBAR Foundation. The partnership aims to support the RAK DAO ecosystem through a grants program and assistance in utilizing the Hedera blockchain, which is the underlying technology of the HBAR token.
According to RAK DAO Chairman His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the collaboration with the HBAR Foundation will drive sustainable growth in the ecosystem and position Ras Al Khaimah as a global leader in the digital economy. a permissioned Web3 ecosystem that facilitates seamless information exchange, fosters industry connections, and encourages collaborative relationships.
The partnership between RAK DAO and the HBAR Foundation will provide startups with a comprehensive funding package and dedicated support in technology, marketing, and business development. The goal is to enhance the adoption of innovative ideas in the Web3 space. The two organizations also plan to develop additional initiatives, including pitch meetings for startups and the launch of joint programs such as venture studios or accelerators.
RAK DAO is part of the UAE's efforts to support cryptocurrency businesses by establishing a free trade zone dedicated to Web3 technologies. These free zones allow entrepreneurs to have full ownership of their businesses within the country and often come with their own tax schemes and regulatory frameworks. In February, the Emirates of Ras Al Khaimah announced its support for emerging technologies like the Metaverse, blockchain, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized applications (DApps) through RAK DAO.
The UAE has gained attention from global crypto players such as Binance, Coinbase, and Gemini due to its supportive approach to the cryptocurrency space. With regulatory uncertainty in other jurisdictions, the UAE's cryptocurrency-friendly environment has attracted interest and investment from prominent players in the industry.
