The United Arab Emirates (UAE) has officially launched a brand new free zone for the continued development of Web3 and blockchain companies. Indeed, Ras Al Khaiman, a rich cultural city, is set to cultivate an environment encouraging digital asset industry growth. Sheikh Mohammed bin Saud bin Saqr Al Qasimi was present to open the new RAK Digital Asset Oasis (RAK DAO) on Thursday. Moreover, the free zone is set to support a host of businesses through the Web3 ecosystem. Subsequently, digital assets, blockchain technology, and even artificial intelligence are set to benefit from its presence.
The free zone is set to be dedicated to digital asset and virtual asset service providers, as reported by Cointelegraph . Additionally, industries like the metaverse, virtual asset wallets, NFTs, and other Web3-related companies are set to find a haven in the emerging area. Additionally, the announcement notes that the RAK DWO will feature grant programs and specified support. Subsequently, this has the potential to heavily assist technology and business development, as well as marketing. Sheikh Saud stated the city’s desire to “provide a platform to foster its growth and success” regarding the Web3 sector.
The UAE is making a push towards developing the Web3 sector with the launch of the RAK DAO, a free zone designed to support digital asset and virtual asset service providers. The free zone is set to be dedicated to digital asset and virtual asset service providers and will feature grant programs and specified support. This is great news for the development of industries like the metaverse, virtual asset wallets, NFTs, and other Web3-related companies.
You can read more about this topic here: Watcher Guru: UAE Launches New Free Zone for Web3 & Blockchain Companies