UAE Free Zone Collaborates with HBAR Foundation to Foster Growth of Web3 Startups

RAK Digital Assets Oasis (RAK DAO), a UAE-based free zone dedicated to supporting cryptocurrency companies, has entered into a memorandum of understanding (MOU) with the HBAR Foundation. The partnership aims to provide assistance and resources to ecosystem members of RAK DAO through a grant program and by leveraging the Hedera blockchain.

In an official statement, His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO, highlighted the significance of the collaboration in driving sustainable growth and positioning Ras Al Khaimah as a global leader in the digital economy. He emphasized the role of RAK DAO in creating a licensed Web3 ecosystem that fosters seamless information exchange, connectivity between businesses, and the development of synergistic relationships.

As part of the collaboration, startups within the RAK DAO ecosystem will have access to a comprehensive grant program and specialized support in areas such as technology, marketing, and business development. The aim is to facilitate the scaling of adoption for new ideas and projects in the Web3 space. The partnership will also involve initiatives like startup pitching sessions and the launch of joint projects, including venture studios and accelerators.

RAK DAO is an integral part of the UAE’s efforts to support cryptocurrency businesses by providing a dedicated free-trade zone focused on Web3. These free zones grant entrepreneurs 100% ownership of their businesses within the country and often offer unique tax schemes and regulatory frameworks.

The announcement follows Ras Al Khaimah’s commitment, made on February 28, to support emerging technologies such as the metaverse, blockchain, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and other crypto-related ventures through RAK DAO.

The UAE has demonstrated its support for the crypto industry, with its regulatory approach attracting the attention of global crypto businesses like Binance, Coinbase, and Gemini. Amid regulatory uncertainty in the United States, the UAE’s favorable environment has positioned it as an attractive destination for crypto companies.

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