The recently announced Ras Al Khaimah free zone for virtual asset companies will explore accepting crypto payments from companies looking to establish their businesses in the emirate, a lawyer involved in the development of the center has said.
Irina Heaver, a Dubai-based cryptocurrency lawyer, told Cointelegraph that once Ras Al Khaimah Digital Assets Oasis (RAK DAO) secures the appropriate partners, it will verify cryptocurrency payments, including Bitcoin (BTC) and other stablecoins. , for corporate registrations, office rentals and other services. “After all, the cities and cantons of Switzerland have been doing this for years,” she pointed out.
Heaver also explained that the appropriate technology and regulatory infrastructure must be in place for the system to work, but clarified that “the foundations have been laid.” Furthermore, the lawyer also said that RAK DAO would explore the operation of Bitcoin and Lightning full nodes to support the crypto payment initiative. She added:
“This is being worked on, and we welcome technology partners to join us on this journey.”
RAK DAO, first unveiled during Blockchain Life 2023, would be a dedicated free zone for digital and virtual asset service providers involved in metaverse, blockchain, utility tokens, digital wallets, NFTs, DAOs, dApps, and other related businesses. Web3.
Heaver said the new free zone is aimed at encouraging regulated and unregulated activities, revealing that RAK DAO is exploring “creating the right legal wrapper for DAOs,” among other things.
Related: The emirate of the United Arab Emirates will launch a free zone for virtual and digital asset companies
The new free zone will also serve “the entire chain of companies in the virtual asset space,” Heaver explained. “While other free zones can only support segments of the industry, allowing for very limited activities.” She added:
“I have to structure multiple entities in multiple jurisdictions. This increases costs and time and is counterproductive for entrepreneurs. Now, I see a great opportunity for founders to base their businesses in one place.”
The United Arab Emirates has more than 40 free zones, including the Dubai Multi Commodities Center (DMCC) and the Dubai International Financial Center (DIFC).
With living and business costs in Ras Al Khaimah 50% lower than Dubai, Heaver said the emirate’s free zone would be a “great hotspot for start-ups.”
The government will also help virtual asset service providers (VASPs) with banking requirements through their own entities and relationships, the lawyer said.
