As part of the agreement, RAK DAO will become a Tencent Cloud training center where employees may get professional and academic training.
In order to support the expansion of startups via various programs, Tencent Cloud—the cloud services division of the Chinese multinational corporation Tencent—and the crypto-focused free economic zone in the United Arab Emirates inked a Memorandum of Understanding (MoU).
Ras Al Khaimah Digital Asset Oasis (RAK DAO) and Tencent Cloud inked a memorandum of understanding (MoU) to investigate “avenues for mutual development” on March 7. One of the seven emirates in the United Arab Emirates, Ras Al Khaimah, is home to a specific crypto zone called the RAK DAO, and the first terms of the contract include helping firms registered there flourish.
The MoU specifies that RAK DAO would set up a Tencent Cloud training center to educate and teach its members. As part of the agreement, Tencent Cloud and RAK DAO-licensed businesses will have the chance to intern with one another.
Ras Al Khaimah’s ruler, Sheikh Saud bin Saqr Al Qasimi, welcomed the signing of the memorandum of understanding as a watershed moment in recent history. By partnering with Tencent Cloud, the ruler of Ras Al Khaimah hoped to further establish his country as a global leader in technology.
At the same time, Tencent Cloud CEO Dowson Tong said that the partnership aims to “unlock new potential in the digital economy” and establish new standards in the Web3 domain.
In a “free-trade zone” in the United Arab Emirates, company owners may own all of their shares. With the exception of UAE criminal law, these territories have their own regulatory regimes and tax systems apart from the mainland.
Established on February 28th, RAK DAO is a free-trade zone that offers a specific location for businesses dealing in virtual assets. Members of the virtual asset service provider (VASP) community here are mostly interested in Web3 technologies like the metaverse, blockchain, NFTs, DApps, and DAOs.
A number of crypto ecosystem firms have begun partnering with the UAE free zone. To help members of the ecosystem use the Hedera blockchain, it established a memorandum of understanding with the HBAR Foundation in July 2023.
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