Tether has become a partner in the free economic zone of the Emirate of Ras Al Khaimah

What’s new? Tether, the issuer of USDT, the largest stablecoin with a capitalization of $111,2 billion, has partnered with a free economic zone for crypto companies in the emirate of Ras Al Khaimah called RAK Digital Assets Oasis (RAK DAO). The press release notes that this is the first step towards launching strategic initiatives to drive the adoption of blockchain technology and stablecoins in the region.

Press release

What else is known? Tether, as a partner of RAK DAO, will promote the adoption of crypto payments in the region and develop educational programs about blockchain technologies.

RAK DAO, launched in early 2023 to foster innovation, is focused on types of cryptocurrency activities for which a comprehensive regulatory framework has not yet been developed. Digital asset and Web 3.0 service providers need to register to operate in this economic zone.

It is noted that at the moment, RAK DAO is the world’s first and only zone for crypto firms, free from common law. It has already attracted more than 100 industry companies, and as part of the cooperation, Tether will help them expand their opportunities for growth and innovation.

In April, as a result of a reorganization, Tether spun off four major business units, including Tether Edu, focused on providing educational services. In collaboration with RAK DAO, this unit will develop initiatives for people with different skill levels, covering cutting-edge areas such as bitcoin, blockchain, peer-to-peer technologies, stablecoin implementations, and real-world examples of cryptocurrency use cases.

Tether CEO Paolo Ardoino believes that the Emirate of Ras Al Khaimah is well positioned to become a leading regional hub for blockchain technology and innovation, he added that “Tether is committed to working with RAK DAO to make this dream a reality.”

“By harnessing the power of Bitcoin technology and cryptocurrencies, we aim to drive economic growth, foster financial inclusion, and position RAK DAO as a global leader in the digital economy,” stressed RAK DAO CEO Dr. Sameer Al Ansari.

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For Tether, this is not the first case of cooperation with government agencies. In March, the company became a partner of the National Agency for Perspective Projects (NAPP) of Uzbekistan on the development of crypto regulation and national cryptocurrency, as well as the development of blockchain infrastructure. And in May, Tether’s parent company, iFinex, announced its participation in the development of a regulatory framework for cryptocurrencies in El Salvador, which was the first country in the world to recognize bitcoin as a means of payment back in 2021.