March 27, 2024
RAK DAO and Tencent Cloud Forge Partnership to Empower UAE Crypto Ventures
Policy & Regulation

RAK DAO and Tencent Cloud Forge Partnership to Empower UAE Crypto Ventures

Tencent Cloud, the cloud services division of the esteemed Chinese conglomerate Tencent, has inked a significant memorandum of understanding (MoU) with the Ras Al Khaimah Digital Asset Oasis (RAK DAO), a crypto-focused free economic zone based in the United Arab Emirates (UAE).

The collaboration aims to foster the growth of startups within the burgeoning crypto sector through a series of strategic initiatives.

Announced on March 7, the MoU signifies a pivotal step towards mutual growth and development between Tencent Cloud and RAK DAO. Initially, the partnership will focus on providing support and resources to startups registered within RAK DAO, which serves as a specialized zone dedicated to virtual asset companies.

Central to the agreement is the establishment of a Tencent Cloud training centre within RAK DAO, aimed at nurturing talent and fostering skill development within the crypto ecosystem. Additionally, the partnership will offer internship opportunities for companies licensed in RAK DAO and its affiliated partners within the Tencent Cloud ecosystem.

Sheikh Saud bin Saqr Al Qasimi, the esteemed Ruler of Ras Al Khaimah, hailed the signing of the MoU as a significant milestone for the emirate, emphasizing its role in fortifying Ras Al Khaimah’s position as a leading technology hub. The collaboration with Tencent Cloud is poised to contribute to the emirate’s vision of fostering innovation and technological advancement.

Dowson Tong, CEO of Tencent Cloud, underscored the partnership’s objective of setting new benchmarks in the Web3 space and unlocking fresh opportunities in the digital economy. The collaboration reflects Tencent Cloud’s commitment to supporting the growth and development of the crypto ecosystem, while also leveraging its expertise to drive innovation in emerging technologies.

RAK DAO, established in 2023 as a free-trade zone, serves as a dedicated enclave for virtual asset companies, focusing on Web3 technologies such as the metaverse, blockchain, nonfungible tokens (NFTs), decentralized applications (dApps), and decentralized autonomous organizations (DAOs). The zone offers entrepreneurs the advantage of 100% ownership of their businesses within the UAE’s regulatory framework, providing a conducive environment for innovation and growth.

The partnership between Tencent Cloud and RAK DAO follows a trend of collaboration between UAE free-trade zones and prominent players in the crypto ecosystem. Notably, in July 2023, RAK DAO signed an MoU with the HBAR Foundation, aimed at facilitating the utilization of the Hedera blockchain for ecosystem members.

As the crypto industry continues to gain traction globally, partnerships like the one between Tencent Cloud and RAK DAO highlight the growing importance of collaboration in fostering innovation and driving the adoption of digital assets in emerging markets.


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