RAK Digital Assets Oasis (RAK DAO), a UAE-based free zone dedicated to cryptocurrency and blockchain enterprises, has entered a strategic partnership with the HBAR Foundation through a Memorandum of Understanding (MOU). This collaboration aims to bolster Web3 startups via funding initiatives and technical support leveraging the Hedera blockchain network.
Key Partnership Highlights
Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO, emphasized the alliance’s role in driving sustainable ecosystem growth:
"By establishing the world’s first licensed Web3 ecosystem, we enable seamless information exchange, cross-industry collaboration, and synergistic relationships that shape the future of digital economies."
Collaborative Benefits for Startups
- Funding Programs: Tailored financial support for early-stage Web3 ventures.
- Technical & Operational Support: Access to Hedera’s blockchain infrastructure, marketing guidance, and business development resources.
- Innovation Expansion: Joint initiatives like pitch sessions, accelerator programs, and venture studios to scale adoption of decentralized technologies.
UAE’s Proactive Web3 Strategy
RAK DAO exemplifies the UAE’s commitment to becoming a global crypto hub by offering:
- 100% Foreign Ownership: Unique free zone benefits for entrepreneurs.
- Tailored Regulatory Frameworks: Custom tax policies and business-friendly regulations.
- Emerging Tech Focus: Support for metaverse, NFTs, DAOs, and DApps, as announced in February 2024.
👉 Explore how Hedera’s blockchain powers Web3 innovation
Why the UAE Attracts Crypto Giants
The nation’s clear regulatory approach contrasts with global uncertainties, drawing major players like Binance, Coinbase, and Gemini to establish regional operations.
FAQ
1. What is RAK DAO?
RAK DAO is a UAE free zone designed to nurture crypto and Web3 businesses through specialized infrastructure and regulatory support.
2. How does the HBAR Foundation assist startups?
It provides grants, technical resources, and access to Hedera’s high-efficiency blockchain network for scalable Web3 solutions.
3. What advantages do UAE free zones offer?
Full business ownership, tax incentives, and streamlined compliance processes for crypto-related activities.
4. Which technologies does RAK DAO prioritize?
Metaverse, blockchain, NFTs, DAOs, and decentralized applications (DApps).
5. Why is the UAE a crypto-friendly jurisdiction?
Progressive regulations and government-backed initiatives create a stable environment for digital asset innovation.
👉 Learn more about Web3 opportunities in the UAE
Sources: Cointelegraph, Golden Finance