25. February 2024

Explore Bitcoin Payments in RAK Free Zone: Lawyer Says

• Ras Al Khaimah recently announced a free zone for virtual asset firms that will explore accepting crypto payments
• The hub, called the Ras Al Khaimah Digital Assets Oasis (RAK DAO), aims to foster regulated and non-regulated activities
• Dubai-based crypto lawyer Irina Heaver said the free zone would explore Bitcoin and stablecoin payments for corporate registration, office rent and other services

Ras Al Khaimah Free Zone to Explore Crypto Payments

The emirate of Ras Al Khaimah recently announced the creation of a new free zone specifically geared towards virtual asset firms. The new hub, called the Ras Al Khaimah Digital Assets Oasis (RAK DAO), is set to explore accepting crypto payments from companies looking into setting up their businesses in the emirate.

Options for Payment

Dubai-based lawyer Irina Heaver stated that once all appropriate partners are secured, RAK DAO will look into using cryptocurrencies such as Bitcoin and various stablecoins for corporate registrations, office rent, and other services. In order to make this possible, she noted that suitable technology and regulatory infrastructure needs to be present.

What RAK DAO Offers

RAK DAO is meant to provide an environment where digital assets can be securely bought and sold. This includes metaverse services, blockchain technology, utility tokens, digital wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (dApps) and other web3 related businesses. As such it hopes to foster both regulated and non-regulated activities within its jurisdiction.

Exploring Full Nodes & Lightning Network

In addition to exploring cryptocurrency payments options, Heaver also mentioned that RAK DAO is looking into operating full Bitcoin nodes as well as implementing lightning networks in order to support their crypto payment initiative.

Conclusion

With its open arms stance towards cryptocurrency related business activities ,Ras Al Khaimah’s newly launched free zone seems poised to become a major player in the global financial industry in the near future .