UAE free zone teams up with HBAR Foundation to support Web3 startups

RAK Digital Assets Oasis (RAK DAO), a escaped portion successful the United Arab Emirates (UAE) dedicated to crypto companies, has signed a memorandum of knowing (MOU) with the HBAR Foundation to enactment its ecosystem members through a assistance programme and by providing assistance successful leveraging the Hedera blockchain. 

In an announcement sent to Cointelegraph, His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the president of RAK DAO, said that the collaboration with HBAR Foundation volition thrust sustainable maturation for the ecosystem and volition signifier a aboriginal wherever the UAE emirate of Ras Al Khaimah volition look arsenic a "global person successful the integer economy." He said:

“By creating and enabling the world’s archetypal licensed Web3 ecosystem, we are facilitating the seamless speech of information, connecting businesses crossed sectors, and paving the mode for synergistic relationships to flourish.”

According to the announcement, the collaboration volition springiness startups entree to a broad assistance programme and specialized enactment successful the areas of technology, selling and concern development. This besides aims to standard adoption for caller ideas successful the Web3 space. The 2 organizations volition besides make different initiatives including startup pitching sessions, and motorboat associated projects specified arsenic task studios oregon accelerators.

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RAK DAO is simply a portion of the UAE's efforts to enactment crypto businesses by offering a free-trade portion successful the state that’s dedicated to Web3. Free zones wrong the UAE let entrepreneurs to person 100% ownership of their concern wrong the country. These commercialized zones besides often person their ain taxation schemes and regulatory frameworks.

On Feb. 28, the emirates of Ras Al Khaimah announced that it volition support emerging technologies specified arsenic the metaverse, blockchain, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps) and different crypto-related businesses done RAK DAO.

The UAE has been 1 of the jurisdictions to amusement enactment for the crypto space. The country’s regulatory attack to crypto has attracted the attraction of planetary crypto businesses similar Binance, Coinbase and Gemini amid regulatory uncertainty successful the United States.

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