Ras Al Khaimah's recently announced free zone for virtual asset corporations will explore allowing cryptocurrency payments from businesses considering establishing their operations in the emirate.
The RAK DAO would be a designated free zone for digital and virtual asset service providers engaged in metaverse, blockchain, utility tokens, digital wallets, NFTs, DAOs, dApps, and other Web3-related enterprises. It was first announced during Blockchain Life 2023.
The United Arab Emirates has over 40 free zones, including the Dubai Multi Commodities Centre (DMCC) and Dubai International Financial Centre (DIFC).
As living and business costs in Ras Al Khaimah are 50% less than in Dubai
The government will also assist virtual asset service providers (VASPs) with banking requirements through its own entities and relationships