Reported Cointelegraph, Ras Al Khaimah, one of the emirates of the United Arab Emirates, recently announced a free zone for virtual asset firms called the Ras Al Khaimah Digital Assets Oasis (RAK DAO), and it is now exploring the possibility of accepting cryptocurrency payments.
According to Dubai-based crypto lawyer Irina Heaver, RAK DAO will explore crypto payments, including Bitcoin and other stablecoins, for corporate registrations, office rent, and other services once it secures appropriate partners.
Heaver explained that the system will require suitable technology and regulatory infrastructure, but the groundwork has been laid, and the initiative will explore operating full Bitcoin and lightning nodes to support crypto payments.
RAK DAO aims to foster regulated and non-regulated activities for digital and virtual asset service providers involved in blockchain, digital wallets, NFTs, DAOs, dApps, and other Web3-related businesses. The emirate's lower living and business costs compared to Dubai make it an attractive location for startups, and the government also plans to assist virtual asset service providers with banking requirements through its own entities and relationships.