Okto wallet, the self-custodial wallet developed by Indian crypto exchange CoinDCX, has secured a business license from RAK Digital Assets Oasis in the UAE. This move aims to accelerate Web3 adoption among the mainstream audience, allowing users complete ownership of their assets.
The Okto wallet, launched in 2023, has quickly gained popularity, amassing over one million users. It supports more than ten blockchain networks, including Ethereum, Base, BSC, Arbitrum, Solana, and Polygon. Users can create, import, and export self-custody wallets with ease.
Neeraj Khandelwal, co-founder of CoinDCX, emphasized the significance of this achievement. "We are honoured to have received the business license from RAK Digital Assets Oasis. Self-custody is revolutionary as it grants complete ownership of assets to users. Okto has onboarded over a million users in one year," he said.
This expansion follows CoinDCX’s acquisition of BitOasis in June 2024, the first crypto exchange registered with the UAE Financial Intelligence Unit in 2021.
RAK DAO, inaugurated in October 2023 by Ras Al Khaimah’s ruler, Sheikh Saud bin Saqr Al Qasimi, is the UAE’s first economic free zone focused on crypto, Web3, blockchain, and AI. The zone provides a business-friendly regulatory environment with tax incentives.
Since its inception, RAK DAO has established partnerships with prominent entities in the blockchain sector. In July, mining giant Phoenix Group pledged to invest $100 million in Ras Al Khaimah by 2030. Prior to that, RAK DAO and stablecoin issuer Tether signed a Memorandum of Understanding to promote cryptocurrency payments.
By March 2024, over 100 entities had received licenses to operate in the region, solidifying RAK DAO’s position as a key player in the crypto and blockchain space.
