India’s Web3-focused non-governmental groups are stepping up efforts to build international partnerships. On Monday, the Indian Blockchain Alliance (IBA) announced a partnership with the UAE’s Web3 company free zone – Ras al-Khaimah Digital Assets Oasis (RAK-DAO). The IBA said the alliance aims to incorporate collaborations on education, research and development programs related to Web3 related to the global stage. This collaboration is expected to catalyze Web3 entrepreneurship while also expanding awareness around blockchain use cases.
Founded in 2018, IBA is a nonprofit organization that brings together blockchain developers, Web3 companies and venture capitalists to work around blockchain. Meanwhile, RAK DAO allows Web3 companies from India and other parts of the world to migrate to the UAE under legal and operational assistance.
As part of the partnership, Indian Web3 companies will be able to leverage the regulated Web3 ecosystem in the UAE. On the other hand, UAE confirmed crypto companies will be able to access Web3 developers and startups in India, many of which are part of the IBA ecosystem.
“This partnership paves the way for a collaborative blockchain ecosystem that supports businesses and innovators in both regions. IBA founder Raj Kapoor said in a prepared statement: “Together, we solve industry challenges and drive meaningful progress. ”
The UAE has been one of the first regulations in the world to oversee the cryptocurrency sector. In October, the UAE canceled VAT for crypto transactions, attracting more Web3 companies to operate from the region.
In August, Munich Munich rock balls made by Coindcx received a business license in Ras Al Khaimah (Rak) City in the UAE. RAK-DAO is the world’s first free zone dedicated to incubating businesses related to the industry.
“This partnership reflects our shared vision of building a stronger, interconnected blockchain ecosystem. Rak-Dao is honored to be working with the Indian Blockchain Alliance.” Sameer Al, CEO of Rak-Dao Ansari said in a statement.
However, the IBA is not the only Indian Web3 agency that is finalizing a similar partnership. Back in September this year, the Bharat Web3 Association (BWA) signed a Memorandum of Understanding (MOUS) with Australia and Indonesia. The purpose of these memorandums of understanding is to unite global Web3 efforts and collaborate to enhance ecosystem growth.
