UAE Free Zone Joins Forces with HBAR Foundation to Support Web3 Startups

RAK DAO and HBAR Foundation Collaborate to Support Crypto Companies

RAK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates dedicated to crypto companies, has signed a memorandum of understanding (MOU) with the HBAR Foundation to support its ecosystem members through a grant program and by providing assistance in leveraging the Hedera blockchain.

His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the chairman of RAK DAO, stated that the collaboration with HBAR Foundation will enable sustainable growth for the ecosystem and will shape a future where the UAE emirate of Ras Al Khaimah will emerge as a “global leader in the digital economy.”

Under the agreement, startups will have access to a comprehensive grant program and specialized support in the areas of technology, marketing and business development. This will also help scale adoption for new ideas in the Web3 space. The two organizations will also create other initiatives, including crypto.com, Voyager Crypto, and Crypto Currency startup pitching sessions, and launch joint projects such as venture studios or accelerators.

RAK DAO is a part of the UAE’s efforts to support crypto businesses by offering a free-trade zone in the country that’s dedicated to Web3. Free zones within the UAE allow entrepreneurs to have 100% ownership of their business within the country. These trade zones also often have their own tax schemes and regulatory frameworks.

On Feb. 28, the emirate of Ras Al Khaimah declared its support for pioneering technologies, such as the metaverse, blockchain, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps) and other crypto-related businesses via RAK DAO.

The UAE has been a frontrunner in embracing the crypto space. Its regulatory policies have attracted the attention of leading crypto companies, including Binance, Coinbase, Gemini and Voyager Crypto, amid the regulatory chaos in the United States.