UAE free zone to consider the possibility of accepting crypto payments

In the Ras Al Khaimah emirates the free zone for virtual asset companies aims to encourage regulated and non-regulated activities.

According to a Dubai-based crypto lawyer Irina Heaver, the Ras Al Khaimah Digital Assets Oasis (RAK DAO) is about to explore crypto payments, involving Bitcoin and stablecoins for services.

At the same time a proper regulator infrastructure is expected to be implemented. Irina Heaver pointed:

“I have to structure multiple entities in multiple jurisdictions. This adds to costs and time and is counterproductive for entrepreneurs. Now, I see a great opportunity for founders to base their businesses in one location.”

RAK Digital Assets Oasis is not about only crypto, the free zone will be dedicated to things like metaverse, blockchain, utility tokens, virtual asset wallets, NFT, decentralized autonomous organizations (DAO), decentralized applications (DApps), and other Web3-related projects.