Partnership between RAK DAO and Tencent Cloud to Empower Crypto Startups in UAE

Tencent Cloud, a division of the Chinese conglomerate Tencent offering cloud services, has entered into a memorandum of understanding (MoU) with the United Arab Emirates' specialized free economic zone focusing on cryptocurrencies. The aim is to support the growth of startups through various initiatives.

Announced on March 7 by Ras Al Khaimah Digital Asset Oasis (RAK DAO), the MoU with Tencent Cloud aims to explore avenues for mutual growth. Initially, the agreement involves fostering the development of startups registered within RAK DAO, a dedicated crypto zone situated in Ras Al Khaimah, one of the UAE's emirates.

As part of the MoU, a Tencent Cloud training center will be established within RAK DAO to promote skill development and education. Additionally, internship opportunities will be provided for companies licensed in RAK DAO and its partners within the Tencent Cloud ecosystem.

Sheikh Saud bin Saqr Al Qasimi, the Ruler of Ras Al Khaimah, hailed the MoU signing as a significant achievement for the emirate, emphasizing the collaboration's role in enhancing Ras Al Khaimah's status as a technology hub.

Tencent Cloud CEO Dowson Tong expressed the collaboration's objective of setting new standards in the Web3 space and unlocking fresh opportunities in the digital economy.

In the UAE, free-trade zones allow entrepreneurs to own 100% of their businesses, operating under distinct regulatory frameworks and tax schemes independent of the mainland, barring the country's criminal law.

Launched in 2023, RAK DAO serves as a free-trade zone specifically catering to virtual asset companies, focusing on Web3 technologies such as the metaverse, blockchain, nonfungible tokens (NFTs), decentralized applications (dApps), and decentralized autonomous organizations (DAOs).

The UAE's free-trade zone has also embarked on partnerships with various companies within the crypto ecosystem. Notably, in July 2023, it signed an MoU with the HBAR Foundation to support ecosystem members in harnessing the capabilities of the Hedera blockchain.