Fun

News Feed - 2023-10-19 07:10:05

Hermi De Ramos13 hours agoUAE emirate launches new free zone for digital assets, Web3 and AIRas Al Khaimah, known for its rich cultural sites, is turning to the digital assets sector to diversify its economy away from traditional avenues such as tourism.3670 Total views23 Total sharesListen to article 0:00NewsJoin us on social networksRas Al Khaimah ruler Sheikh Mohammed bin Saud bin Saqr Al Qasimi inaugurated the new RAK Digital Assets Oasis (RAK DAO), an economic free zone dedicated to supporting companies involved in digital and virtual assets, blockchain, Web3 and artificial intelligence (AI) on Oct. 19.


As previously reported by Cointelegraph, the free zone will be dedicated to digital and virtual asset service providers in emerging technologies such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens, decentralized autonomous organizations (DAOs), decentralized applications and other Web3-related businesses.


RAK DAO and its ecosystem partners will also run grant programs and provide specialized support in various areas of technology, marketing and business development.


“When we embarked on this… journey, our vision was to create a hub where digital assets could thrive, innovation could flourish, and groundbreaking ideas could come to light,” Sheikh Saud said in his opening remarks. “We wanted to provide a platform to foster its growth and success.” He added:“We observed that global trends and data point to the incredible opportunity digital assets offer, and we felt… that Ras Al Khaimah could and should benefit from being a first adopter.” 


A memorandum of understanding was also signed between Securities and Commodities Authority CEO Maryam Buti Al Suwaidi and RAK DAO CEO Sameer Al Ansari.


Related: Middle East regulatory clarity drives crypto industry growth — Binance FZE head


Cointelegraph reached out to RAK DAO for further comments but didn’t get an immediate response.


Ras Al Khaimah, known for its rich cultural sites, is turning to the digital assets sector to diversify its economy away from traditional avenues, such as tourism. However, the new free zone has entered a space where more popular technology hubs in Abu Dhabi and Dubai are already attracting global crypto firms.


RAK DAO joins the United Arab Emirates’ list of Web3-friendly free zones — areas where entrepreneurs have 100% ownership of their businesses and have their own tax schemes and regulatory frameworks, except for the UAE’s criminal law — including the Abu Dhabi Global Market, Dubai Multi Commodities Centre and Dubai International Financial Centre, among others.


Sheikh Saud issued Law No 2 of 2023, which decrees the establishment of RAK DAO as part of its economic diversification efforts and attempts to attract global players, the Emirates News Agency reported in March. The legislation grants the free zone financial, administrative and legislative independence, allowing it to function as a purpose-built, innovation-enabling free zone for the virtual assets sector.


RAK DAO has since added several partners to help grow its ecosystem, including the HBAR Foundation, local bank Rakbank and Romanian AI firm Humans.ai.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.# UAE# Business# Middle East# Adoption# AI# Digital Asset# Web3Add reactionAdd reactionRead moreSam Bankman-Fried’s trial is telling a story of classic financial deceitWhy the 2024 Bitcoin halving may play out differently than in the pastAI has an energy problem — Blockchain is here to help

News Feed

Liza Savenko32 minutes agoHow to buy Bitcoin with Cash appA step-by-step guide to buying Bitcoin on Cash App, including guidance on fees, the auto invest feature and security tips to empower your cryptocurrency investmen
Solana NFTs hit $5B in all-time sales volume
Ezra Reguerra4 minutes agoSolana NFTs hit $5B in all-time sales volumeSolana NFTs recorded their second-highest monthly sales volume in December 2023, recording $365 million in sales volume for the month.17 Total viewsLi
Venezuelan Authorities Reconnect Affected Bitcoin Miners to Power Grid
Venezuelan Authorities Reconnect Affected Bitcoin Miners to Power Grid Venezuelan authorities have reconnected affected bitcoin miners to the power grid in Carab
Farmville Creator Zynga to Launch NFT Games, Says Gaming Firm’s Blockchain Lead
Farmville Creator Zynga to Launch NFT Games, Says Gaming Firm"s Blockchain Lead American social game developer Zynga has plans to launch non-fungible token (NFT) games in the near
Ethereum Whales Sell, But Bitcoin’s Key Investors Are Buying
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Hut 8 expands mining operations with power deal in West Texas
Ana Paula Pereira6 hours agoHut 8 expands mining operations with power deal in West TexasHut 8 secured a purchase agreement for 205 megawatts of power and land in West Texas, expanding its energy infrastructure to about
Bitcoin, Ethereum Technical Analysis: BTC Consolidates as FOMC Indicates Further Rate Hikes to Come
Bitcoin, Ethereum Technical Analysis: BTC Consolidates as FOMC Indicates Further Rate Hikes to Come Bitcoin consolidated marginally below $17,000, as market volatility remained hig
How Hackers Exploited Twitter’s VPN Problems, Obtained God Mode and Took Over Accounts
How Hackers Exploited Twitter"s VPN Problems, Obtained God Mode and Took Over Accounts An investigation by the New York State Department of Financial Services ha
St. Louis Fed’s James Bullard Would ‘Support Starting the Taper in November’ to React to Inflation
St. Louis Fed"s James Bullard Would "Support Starting the Taper in November" to React to Inflation St. Louis Federal Reserve president James Bullard told the press on Tuesday that
RBI Deputy Governor: Banning Crypto Is ‘Most Advisable’ for India, Regulation Is ‘Futile’
RBI Deputy Governor: Banning Crypto Is "Most Advisable" for India, Regulation Is "Futile" A deputy governor of India’s central bank, the Reserve Bank of India (RBI), likens
Bitcoin metrics reset and point to ‘major move’ in Q4 — Analysts
Nancy Lubale4 hours agoBitcoin metrics reset and point to ‘major move’ in Q4 — AnalystsAnalysts say Bitcoin’s prolonged downtrend reset its key price metrics, setting BTC up for a stellar Q4 performance.3386 Tota
Clever DeFi Launches 888 Cycle Challenge
Clever DeFi Launches 888 Cycle Challenge PRESS RELEASE. Decentralized finance protocol CLEVER (CLVA) launches its latest program called “Will you take the