Saturday, July 13, 2024

UAE’s RAK DAO and Tencent Cloud ink deal to boost crypto startups


Tencent Cloud, the cloud companies arm of the Chinese language conglomerate Tencent, signed a Memorandum of Understanding (MoU) with the United Arab Emirates’ crypto-focused free financial zone to facilitate startup progress via a number of initiatives.

On March 7, the Ras Al Khaimah Digital Asset Oasis (RAK DAO) introduced the signing of an MoU with Tencent Cloud to discover “avenues for mutual progress.” Initially, the deal contains facilitating the expansion of startups registered on the RAK DAO, a devoted crypto zone positioned in Ras Al Khaimah, one of many UAE’s seven emirates.

Tencent Cloud executives sit with Sheikh Saud on the signing ceremony. Supply: RAK DAO/Instagram

The memorandum contains the institution of a Tencent Cloud coaching middle inside RAK DAO for talent improvement and training. The deal additionally contains internship alternatives for corporations licensed in RAK DAO and its companions throughout the Tencent Cloud ecosystem.

Sheikh Saud bin Saqr Al Qasimi, the Ruler of Ras Al Khaimah, described the MoU signing as a major milestone for the emirate. The Ras Al Khaimah ruler welcomed Tencent Cloud and mentioned that the collaboration would solidify Ras Al Khaimah’s place as a expertise hub.

In the meantime, Tencent Cloud CEO Dowson Tong expressed that the purpose of the collaboration is to set new benchmarks within the Web3 house and to “unlock new alternatives within the digital economic system.”

Associated: China’s most valuable company pivoting to AI as gaming profits falter

A “free-trade zone” within the UAE is the place entrepreneurs can have 100% possession of their companies within the nation. These areas have their very own regulatory frameworks and tax schemes, unbiased of the mainland, aside from the UAE’s prison legislation.

RAK DAO is a free-trade zone launched on Feb. 28 to offer a devoted space for digital asset corporations. The realm is devoted to digital asset service suppliers (VASPs) targeted on Web3 applied sciences just like the metaverse, blockchain, nonfungible tokens (NFTs), decentralized functions (DApps) and decentralized autonomous organizations (DAOs).

The UAE free zone has additionally began collaborating with numerous corporations within the crypto ecosystem. In July 2023, it signed an MoU with the HBAR Basis to help ecosystem members in leveraging the Hedera blockchain.

Journal: Tencent’s AI leviathan, $83M scam busted, China’s influencer ban: Asia Express