RAK Digital Assets Oasis (RAK DAO), a free zone in the United Arab Emirates (UAE) 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.
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.
In a May 31 blog post, Gemini cited increased enthusiasm for cryptocurrencies among citizens and positive conversations with regulators of the UAE as the reason for pursuing the license.
Additionally, Gemini co-CEOs Cameron and Tyler Winklevoss told Zaywa that the move was spurred on after experiencing “hostility and a lack of clarity” on crypto regulation in the United States.
-source: https://cointelegraph.com
