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Ras Al Khaimah, one of the UAE's seven emirates, is set to launch a free zone for digital and virtual asset companies as the country's approach to the industry continues to attract global crypto players.
RAK Digital Assets Oasis (RAK DAO) will be dedicated to digital and virtual asset service providers in new technologies such as metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps ) and other companies related to Web3. Applications for these companies will open in the second quarter of 2023.
"We are building a free zone for the companies of the future," said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of the RAK International Business Center. "As the world's first free zone dedicated exclusively to companies with digital and virtual assets, we look forward to supporting the ambitions of entrepreneurs from around the world."
Blockchain-based payment network Ripple and the Faster Payments Council (FPC) have collaborated on a report called "Transforming the Way Money Moves", which provides insight into global crypto payment trends.
The report's survey reveals that 97% of FPC subscribers believe that cryptocurrencies and blockchain technology will play a significant role in facilitating faster payments in the coming years. More than half of the financial executives surveyed believe that most merchants will accept crypto payments within three years.
The survey highlights that such optimistic predictions for cryptocurrency adoption in certain markets could stem from solutions such as central bank digital currencies (CBDCs) or mobile payments. With this research, Ripple reaffirms the potential of cryptocurrency-related technologies to become a key part of the global financial system. At the same time, however, he also emphasizes the importance of regulations that will enable mainstream adoption.
The acquisition of One River Digital Asset Management is part of Coinbase's strategy to become a more significant player in digital asset management. ORDAM is registered as an investment adviser under the US Securities and Exchange Commission and has previously received investment from Coinbase to expand its operations. In a March 3 post, Coinbase said One River Digital has become an "independent trading company" of the crypto exchange and changed its name to Coinbase Asset Management.
The newly acquired subsidiary Coinbase Asset Management will undoubtedly focus on the opportunities presented by the booming crypto market and build a diversified portfolio of digital assets for its customers. The acquisition came after Coinbase and a group of crypto firms cut ties with Silvergate amid an investigation into its involvement in the FTX crash.
The move indicates that Coinbase sees significant potential in the growing crypto asset management industry. Despite regulatory scrutiny, Coinbase continues to grow, innovate, and offer new products and services, such as a Visa debit card that allows users to spend cryptocurrencies in the real world.