Okto wallet, developed by Indian crypto-exchange CoinDCX, is now a licensed business in RAK Digital Assets Oasis. This free-trade zone is located in the United Arab Emirates.
A press release states that Okto is the first web3 wallet with a license for RAK DAO. Okto will gain a competitive advantage in the RAK DAO region with this new license.
Okto was launched in 2023, and since then has amassed more than one million users. Users can create self-custody Wallets, import or export existing ones.
Neeraj Kahandelwal, the co-founder and CEO of CoinDCX noted that the achievement would “accelerate Web3 adoption among mainstream audiences.”
This is a development that follows CoinDCX’s expansion into the UAE. It began in June 2024 with its acquisition of BitOasis. BitOasis was the , first crypto exchange in 2021 to register at the UAE Financial Intelligence Unit.
RAK DAO will be launched by Ras Al-Khaimah ruler Sheikh Saud Bin Saqr al Qasimi in October 2023. The first free economic zone in the UAE, it focuses on crypto, Web3, Blockchain, and Artificial Intelligence. This zone provides a tax-free regulatory environment and a business friendly regulatory environment.
RAK DAO, since its inception, has formed partnerships with key players within the blockchain and cryptocurrency industry. Phoenix Group , a mining giant, pledged in July to invest $100,000,000 by 2030 in Ras Al Khaimah. RAK DAO had signed a Memorandum of Understanding in July with Tether, a stablecoin issuing company. The agreement was to encourage the adoption of cryptocurrency payment.
By March 2024 over 100 entities will have received licenses for operation in the region.
