• The Ras Al Khaimah free zone for virtual asset firms will explore accepting crypto payments from companies looking into setting up their businesses in the emirate.
• Dubai-based crypto lawyer Irina Heaver said that once the Ras Al Khaimah Digital Assets Oasis (RAK DAO) secures the appropriate partners, it will check out crypto payments, including Bitcoin BTC and stablecoins, for corporate registrations and other services.
• RAK DAO would be a dedicated free zone for digital and virtual assets service providers involved in the metaverse, blockchain, utility tokens and more.
Overview of RAK DAO
The Ras Al Khaimah Digital Assets Oasis (RAK DAO) is a recently announced free zone in the Ras Al Khaimah emirate that aims to foster regulated and non-regulated activities related to digital and virtual assets services.
Exploration of Crypto Payments
Dubai-based crypto lawyer Irina Heaver said that once RAK DAO secures the appropriate partners, it will check out crypto payments, including Bitcoin BTC $22,228 Bitcoin -0.46% MARKET CAP$429.18bVOL. 24H$261.47m BTC $11.71k and stablecoins, for corporate registrations and other services. This technology infrastructure needs to be put in place in order for this system to work but has already been laid down by those involved with its development.
Services Offered by RAK DAO
RAK DAO would offer a range of services related to digital assets such as: metaverse activities; blockchain technology; utility tokens; digital wallets; nonfungible tokens; decentralized autonomous organizations (DAOs); decentralized applications; Web3-related businesses; cryptocurrency payments etc
Partnerships with Technology Providers
RAK DAO welcomed interested technology partners who are willing to join them on this journey while they explore operating full Bitcoin and lightning nodes to support their initiative of accepting Crypto payments from companies looking into setting up within the emirate.
Advantages of RAKDAO
This new hub provides an opportunity for these companies looking into setting up their businesses in the emirate as they can make use of features such as secure cryptocurrency payment systems which have existed in cities like Switzerland for years now. This could be beneficial due to its potential lower fees along with increased accessiblity when compared to traditional banking options..