RAK- DAO is the world's first Free Zone for Web3 firms
The IBA said that inter-regional collaboration in Web3 is important
Earlier this year, Okto secured a business licence in RAK-DAO
Indian Web3 firms will be able to tap into UAE’s more regulated Web3 ecosystem
Photo Credit: Pexels/ Savvas Stavrinos
India's Web3-focussed non-government groups are stepping up efforts to establish international partnerships. On Monday, the India Blockchain Alliance (IBA) announced a partnership with UAE's free zone for Web3 firms – the Ras Al-Khaimah Digital Assets Oasis (RAK-DAO). The aim of this alliance, is to take collaborations on Web3 related education, research, and development initiatives to the global stage, according to the IBA. This collaboration is expected to catalyse Web3 entrepreneurship while also expanding awareness around blockchain use cases.
Founded in 2018, the IBA is a non-profit organisation that brings together blockchain developers, Web3 firms, and venture capitalists working around blockchain. Meanwhile, the RAK DAO allows Web3 firms from India and other parts of the world to migrate to the UAE with legal and operational assistance.
As part of the partnership, Indian Web3 firms will be able to tap into UAE's more regulated Web3 ecosystem. On the other hand, UAE-firmed crypto firms will be able to access India's pool of Web3 developers and startups, many of which are part of the IBA's ecosystem.
“This partnership paves the way for a collaborative blockchain ecosystem that supports businesses and innovators from both regions. Together, we can address industry challenges and drive meaningful advancements,” IBA founder Raj Kapoor said in a prepared statement.
The UAE has been one of the first locations in the world to have formed regulations to oversee the crypto sector. In October, the UAE scrapped value added tax on crypto transactions, attracting more Web3 firms to operate from the region.
In August, CoinDCX-made Okto wallet secured a business licence in UAE's Ras Al Khaimah (RAK) city. The RAK-DAO is the world's first Free Zone dedicated to incubating businesses related to the sector.
“This partnership reflects our shared vision to build a stronger, interconnected blockchain ecosystem. RAK-DAO is proud to collaborate with the India Blockchain Alliance,” Sameer Al Ansari, CEO of RAK-DAO said in a statement.
The IBA, however, is not the only Indian Web3 body that has been finalising similar partnerships. Back in September this year, the Bharat Web3 Association (BWA) signed Memoranda of Understanding (MoUs) with Australia and Indonesia. The aim of these MoUs is to unite global Web3 efforts and collaboratively enhance the ecosystem's growth.
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