CoinDCX’s Okto wallet became the first Web3 wallet to receive a business license from the RAK Digital Assets Oasis (RAK DAO) in the UAE.
Launched in 2023 by CoinDCX, the Okto wallet is a self-custodial wallet that empowers users with complete ownership of their digital assets. The license marks a pivotal moment for the largest Indian cryptocurrency exchange, CoinDCX, and the broader Web3 ecosystem.
It also highlights the growing acceptance and integration of blockchain technology in the UAE.
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CoinDCX Gets A Strategic Advantage In The UAE
The license provides Okto with a strategic advantage in the region but also sets a precedent for other Web3 initiatives seeking to establish a foothold in the UAE.
The RAK Digital Assets Oasis, established in October 2023, is the UAE’s first economic free zone dedicated to fostering innovation in crypto, Web3, blockchain, and artificial intelligence.
Situated in Ras Al Khaimah, the zone offers a business-friendly regulatory environment with attractive tax benefits, making it an appealing hub for blockchain enterprises.
The licensing of the Okto wallet by RAK DAO is a testament to the UAE’s commitment to becoming a leader in the digital economy.
Okto, self-custodial crypto wallet developed by CoinDCX, gets business licence Ras Al Khaimah, UAE (RAK)..#RAKDAO @CoinDCX pic.twitter.com/d7iSIzm1pI
— 3.0 TV (@reallive3tv) August 27, 2024
The wallet supports over ten blockchain networks, including major ones like Ethereum, Base, BSC, Arbitrum, Solana, and Polygon.
Users can create new self-custody wallets, import existing ones, or export them to other platforms. The Okto wallet is known to offer flexibility and control over their digital assets.
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So Far, Okto Amassed Over A Million Users
Since its inception, Okto has amassed over one million users. It reflects the rapid adoption and the growing interest in self-custodial solutions.
Neeraj Khandelwal, co-founder of CoinDCX, emphasized the revolutionary nature of self-custody, stating, “Self-custody is revolutionary as it grants complete ownership of assets to users.”
The licensing of the Okto wallet is part of CoinDCX’s broader strategy to expand its presence in the UAE.
In June 2024, CoinDCX acquired BitOasis, the first crypto exchange to register with the UAE Financial Intelligence Unit in 2021.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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