UAE free zone to explore Bitcoin payments for services, lawyer says

Ras Al Khaimah’s precocious announced escaped portion for virtual plus firms volition research accepting crypto payments from companies looking into mounting up their businesses successful the emirate, a lawyer progressive successful the hub’s improvement said.

Dubai-based crypto lawyer Irina Heaver told Cointelegraph that erstwhile the Ras Al Khaimah Digital Assets Oasis (RAK DAO) secures the due partners, it volition cheque retired crypto payments, including Bitcoin (BTC) and different stablecoins, for firm registrations, bureau rent and different services. “After all, cities and cantons successful Switzerland person been doing this for years,” she noted.

Heaver further explained that suitable exertion and regulatory infrastructure request to beryllium successful spot for the strategy to work, but clarified that the “groundwork has been laid.” In addition, the lawyer besides said that RAK DAO would research operating afloat Bitcoin and lightning nodes to enactment the crypto outgo initiative. She added:

“Works are ongoing successful this regard, and we invited exertion partners to articulation america successful this journey.”

RAK DAO, archetypal unveiled during Blockchain Life 2023, would beryllium a dedicated escaped portion for integer and virtual assets work providers progressive successful the metaverse, blockchain, inferior tokens, integer wallets, NFTs, DAOs, dApps and different Web3-related businesses.

Heaver said that the caller escaped portion aims to foster regulated and non-regulated activities, disclosing that RAK DAO is exploring “creating the close ineligible wrapper for DAOs,” among different things.

Related: UAE emirate to motorboat a escaped portion for integer and virtual plus firms

The caller escaped portion volition besides service the “entire concatenation of companies successful the virtual assets space,” Heaver explained. “Whereas different escaped zones tin lone enactment segments of the industry, allowing precise constricted activities.” She added:

“I person to operation aggregate entities successful aggregate jurisdictions. This adds to costs and clip and is counterproductive for entrepreneurs. Now, I spot a large accidental for founders to basal their businesses successful 1 location.”

The United Arab Emirates has implicit 40 escaped zones, including the Dubai Multi Commodities Centre (DMCC) and Dubai International Financial Centre (DIFC).

As surviving and concern costs successful Ras Al Khaimah are 50% little than successful Dubai, Heaver said the emirate’s escaped portion would beryllium a “great constituent for startup companies.”

The authorities volition besides assistance virtual plus work providers (VASPs) with banking requirements done its ain entities and relationships, the lawyer said.