RAK DAO Allows Crypto Payments: UAE Free Zone Explores Bitcoin Payments

• Ras Al Khaimah’s recently announced free zone for virtual asset firms will explore accepting crypto payments from companies.
• RAK DAO would foster regulated and non-regulated activities and legal infrastructure need to be in place for the system to work.
• This new free zone will serve the entire chain of companies in the virtual assets space, allowing entrepreneurs to base their businesses in one location.

Ras Al Khaimah Free Zone For Virtual Asset Firms

Ras Al Khaimah has recently announced a free zone for virtual asset firms, aiming to foster regulated and non-regulated activities. This hub will explore accepting crypto payments from companies looking into setting up their businesses in the emirate. A lawyer involved in the hub’s development has said that once it secures appropriate partners, it will check out crypto payments including Bitcoin BTC $22,332 Bitcoin -0.20% MARKET CAP$431.19bVOL. 24H$249.64m BTC $11.18k and stablecoins for corporate registrations, office rent and other services.

The Appropriate Technology And Regulatory Infrastructure Need To Be In Place

The lawyer further explained that suitable technology and regulatory infrastructure need to be in place for the system to work but clarified that the “groundwork has been laid.” In addition, the lawyer also said that RAK DAO would explore operating full Bitcoin and lightning nodes to support the crypto payment initiative.

RAK DAO Serves The Entire Chain Of Companies In The Virtual Assets Space

The new free zone would also serve the “entire chain of companies in the virtual assets space,” Heaver explained. She added:”I have to structure multiple entities in multiple jurisdictions. This adds to costs and time and is counterproductive for entrepreneurs. Now, I see a great opportunity for founders to base their businesses in one location.”

Creates The Right Legal Wrapper For DAOs

Heaver said that RAK DAO would also explore “creating the right legal wrapper for DAOs,” among other things.

Conclusion

Ras Al Khaimah’s newly announced free zone is a dedicated hub for digital and virtual assets service providers involved in blockchain technology, utility tokens, digital wallets etc., which allows entrepreneurs from all around world set up their business with ease while exploring crypto payments like Bitcoin BTC $22,332 Bitcoin -0.20% MARKET CAP$431.19bVOL. 24H$249