Boosting Crypto Startups: RAK DAO and Tencent Cloud Ink Deal

Tencent Cloud, the cloud services division of Chinese conglomerate Tencent, has signed a memorandum of understanding (MoU) with the Ras Al Khaimah Digital Asset Oasis (RAK DAO), a crypto-focused free economic zone in the United Arab Emirates (UAE). The aim of the partnership is to support the growth of startups within the RAK DAO by offering various initiatives. The agreement includes the establishment of a Tencent Cloud training center within RAK DAO to promote skill development and education. The deal provides internship opportunities for companies registered in RAK DAO and its partners within the Tencent Cloud ecosystem. The ruler of Ras Al Khaimah, Sheikh Saud bin Saqr Al Qasimi, expressed his excitement about the collaboration, stating that it would strengthen the emirate’s position as a technology hub. Dowson Tong, CEO of Tencent Cloud, emphasized the goal of setting new benchmarks in the Web3 space and unlocking opportunities in the digital economy through this partnership.

RAK DAO is a dedicated crypto zone launched in 2023 within the UAE. It operates as a free-trade zone, allowing entrepreneurs to have full ownership of their businesses in the country. These zones have their own regulatory frameworks and tax schemes, independent of the mainland, except for the UAE’s criminal law. RAK DAO focuses on virtual asset service providers that specialize in Web3 technologies, including the metaverse, blockchain, nonfungible tokens, decentralized applications, and decentralized autonomous organizations. The collaboration between Tencent Cloud and RAK DAO is expected to further support and develop these technologies within the UAE.

The UAE free-trade zone has been actively partnering with various companies in the crypto ecosystem. In July 2023, it signed an MoU with the HBAR Foundation to assist ecosystem members in leveraging the Hedera blockchain. These collaborations demonstrate the UAE’s commitment to fostering innovation and growth in the crypto and blockchain sectors. The partnership with Tencent Cloud marks another significant step in this direction.

By providing training and internship opportunities, Tencent Cloud aims to contribute to the skill development of individuals and foster a supportive environment for startups. This collaboration also highlights the growing importance of cloud services in facilitating the growth of emerging technologies. As Web3 technologies continue to gain traction worldwide, partnerships between cloud service providers and crypto-focused entities become crucial for driving innovation and creating new opportunities in the digital economy. As such, this MoU between Tencent Cloud and RAK DAO holds great potential for the development of the UAE’s crypto ecosystem and its position in the global technology landscape.