Irina Heaver, a cryptocurrency lawyer based in Dubai, revealed that the recently established free zone for virtual asset corporations in Ras Al Khaimah will explore the possibility of allowing cryptocurrency payments from businesses seeking to establish their operations in the emirate.
The Ras Al Khaimah Digital Assets Oasis (RAK DAO) will assess crypto payments, including Bitcoin and other stablecoins, for services such as corporate registrations and office rent once it secures suitable partners. Heaver pointed out that Swiss towns and cantons have been practising this for years.
However, Heaver emphasised that the system will only work if the necessary technology and regulatory infrastructure are in place. She also mentioned that RAK DAO is open to running complete Bitcoin and lightning nodes to support crypto payments. Furthermore, she welcomed technology partners to join their journey.
RAK DAO is a free zone exclusively designed for digital and virtual asset service providers who engage in metaverse, blockchain, utility tokens, digital wallets, NFTs, DAOs, dApps, and other Web3-related businesses. It aims to promote both regulated and unregulated activity in the virtual assets industry, including the development of the proper legal framework for DAOs.
Heaver also highlighted how the new free zone will benefit the entire network of businesses operating in the virtual assets industry, as it can sustain the entire sector unlike other free zones that only allow a limited number of activities. The need to organise multiple organisations in various legal systems makes things more expensive and time-consuming, which is bad for business.
Therefore, the establishment of the RAK DAO creates a fantastic opportunity for business owners to base their operations in a single place.
Moreover, the government will assist virtual asset service providers (VASPs) with their banking needs through its own organisations and connections, according to the attorney.
Ras Al Khaimah is one of the seven emirates in the UAE and has recently declared a free zone for enterprises engaged in digital and virtual assets, further attracting crypto players worldwide.
The country has already established over 40 multifunctional free zones such as the Dubai Multi Commodities Centre (DMCC), DIFC, and ADGM, which have drawn several blockchain, cryptocurrency, and Web3 companies. This new free zone is the latest addition to the list, positioning the UAE as a progressive location for cryptocurrency companies seeking locations with more favourable legislation.