As a seasoned analyst with extensive experience in the crypto space, I find this development of Okto wallet securing a business license from RAK Digital Assets Oasis particularly noteworthy. The strategic advantage it gains in the region, coupled with its impressive user base and multi-chain support, positions Okto as a significant player in the rapidly evolving crypto landscape.
The self-managed digital wallet known as Okto Wallet, created by the Indian cryptocurrency exchange CoinDCX, has obtained a business permit from RAK Digital Assets Oasis, a free-market area located within the United Arab Emirates.
Based on information from a press release sent to crypto.news, Okto has become the initial web3 wallet authorized to function within RAK DAO, following the acquisition of a new license. This license is anticipated to provide Okto with a strategic edge in the area.
In 2023, the Okto digital wallet was introduced, and it has since attracted over a million users. Compatible with more than ten blockchain networks such as Ethereum, Base, BSC, Arbitrum, Solana, and Polygon, users can easily establish new self-managed wallets, transfer existing ones, or export them to other platforms for use.
“I, as co-founder of CoinDCX, believe that this milestone will significantly hasten the integration of Web3 into the everyday user base.”
“It’s an honor to have been granted a business license by RAK Digital Assets Oasis. The concept of self-custody, where users fully own their assets, is groundbreaking. In just one year, Okto has successfully onboarded more than a million users.”
Neeraj Khandelwal, co-founder of CoinDCX
This new move is a continuation of CoinDCX’s growth in the United Arab Emirates, starting from its purchase of BitOasis in June 2024. Notably, BitOasis was the first cryptocurrency exchange to register with the UAE Financial Intelligence Unit back in 2021.
In October 2023, RAK DAO (Decentralized Autonomous Organization) was officially launched by Sheikh Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah. This marks the UAE’s initial economic free zone dedicated to cryptocurrency, Web3, blockchain technology, and artificial intelligence. The zone presents a business-friendly legal framework that includes tax incentives.
As a researcher, I’ve been closely following the growth trajectory of RAK DAO since its inception. This organization has strategically formed alliances with influential figures in the blockchain and digital currency realm. One notable instance occurred in July when mining colossus Phoenix Group declared their intention to infuse an impressive $100 million into Ras Al Khaimah by the year 2030. Prior to this, RAK DAO sealed a Memorandum of Understanding with Tether, a renowned stablecoin issuer, aiming to foster the widespread acceptance of digital currency transactions.
By March 2024, over 100 entities had received licenses to operate in the region.
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2024-08-27 16:05