Ras Al Khaimah’s recently announced free zone for virtual asset firms will explore accepting crypto payments from companies looking into setting up their businesses in the emirate, a lawyer involved in the hub’s development said.

Dubai-based crypto lawyer Irina Heaver told Cointelegraph that once the Ras Al Khaimah Digital Assets Oasis (RAK DAO) secures the appropriate partners, it will check out crypto payments, including Bitcoin (BTC) and other stablecoins, for corporate registrations, office rent and other services.

Heaver further explained that suitable technology and regulatory infrastructure need to be in place for the system to work, but clarified that the “groundwork has been laid.” In addition, the lawyer also said that RAK DAO would explore operating full Bitcoin and lightning nodes to support the crypto payment initiative.

(By HERMI DE RAMOS)

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