The RAK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates (UAE) dedicated to crypto and blockchain businesses, has entered into a Memorandum of Understanding (MOU) with the HBAR Foundation. This collaboration is designed to bolster its ecosystem members through funding initiatives and support for leveraging the Hedera blockchain network.
His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO, emphasized that the partnership with HBAR Foundation will drive sustainable growth within the ecosystem and help shape the future. The Emirate of Ras Al Khaimah aims to become a “global leader in the digital economy.” He stated:
“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across industries, and paving the way for synergistic relationships to flourish.”
Strategic Support for Web3 Innovation
Under this new agreement, the partnership will offer comprehensive grant programs for startups, along with specialized assistance in technology, marketing, and business development. A core objective is to broaden the adoption of innovative ideas across the Web3 landscape.
Both organizations will also develop additional initiatives, which include startup pitch sessions and the launch of joint projects such as venture studios or accelerator programs.
RAK DAO represents a key part of the UAE’s broader effort to support crypto businesses by establishing specialized free zones focused on Web3 technologies. Free zones in the UAE allow entrepreneurs to retain 100% ownership of their businesses within the country. These zones often feature independent tax structures and regulatory frameworks.
UAE’s Growing Web3 Ecosystem
On February 28, the Emirate of Ras Al Khaimah announced its plan to support emerging technologies—including 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 consistently positioned itself as one of the leading jurisdictions supporting the cryptocurrency sector. Its clear regulatory approach has attracted major global crypto companies—such as Binance, Coinbase, and Gemini—especially in light of regulatory uncertainties in other regions, including the United States.
This proactive strategy highlights the nation’s ambition to become a central hub for digital innovation and blockchain development.
Frequently Asked Questions
What is RAK DAO?
RAK DAO is a free zone located in Ras Al Khaimah, UAE, specifically designed for businesses operating in the digital assets, blockchain, and Web3 sectors. It offers a supportive regulatory environment and allows full foreign business ownership.
What does the partnership between RAK DAO and HBAR Foundation involve?
The collaboration includes funding opportunities, technical support, and joint initiatives like accelerator programs aimed at helping startups utilize the Hedera network and scale their Web3 innovations.
Why is the UAE considered attractive for crypto businesses?
The UAE offers regulatory clarity, business-friendly free zones, tax benefits, and a forward-looking approach to emerging technologies, making it a appealing destination for global crypto firms and entrepreneurs 👉 explore more strategies.
Which types of companies can benefit from RAK DAO?
Startups and established companies focused on blockchain, DeFi, NFTs, DAOs, DApps, and the metaverse can benefit from the resources, community, and regulatory advantages provided by RAK DAO.
How does this partnership impact the broader Web3 industry?
By combining resources and expertise, RAK DAO and HBAR Foundation aim to accelerate the development and adoption of decentralized technologies, contributing to the growth and maturation of the global Web3 ecosystem.