RAK Digital Assets Oasis (DAO), a free-trade zone in the United Arab Emirates, has awarded Okto Wallet a business license, thus allowing the Indian company to launch the first web3 wallet in the Middle Eastern country.
Okto Wallet is a self-custodial product reportedly crafted by the Indian crypto exchange CoinDCX. This acquisition of the license is a big landmark for both Okta Wallet and the region’s digital asset arena.
Why is the RAK DAO License an Optimistic Step?
According to local media reports, Okto is dominating the market by being the first web3 wallet to get a license for working within RAK DAO. This new web3 wallet license is claimed to build a strategic benefit for Okto as it leverages the increasing demand for blockchain and cryptocurrency services in the UAE.
Okto Wallet has garnered attention from more than one million users ever since its launch in 2023, allegedly showcasing strong demand from the market. The wallet backs more than ten blockchain networks, such as Ethereum, Base, BSC, Arbitrum, Solana, and Polygon. Users are free to create new self-custody wallets, import existing ones, or transfer them to other platforms, strengthening their control and security over digital assets.
Neeraj Khandelwal, the co-founder of CoinDCX, reportedly commented about the future of web3 wallets by saying that this milestone would “accelerate the adoption of Web3 among the mainstream audience.” He went on, “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,” reinforcing the potential for wider market adoption.
Expansion Plan and Web3 Wallets in the UAE
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This development coincides with CoinDCX’s overall expansion strategy in the UAE, which reportedly started with its acquisition of BitOasis in June 2024. BitOasis was allegedly the first crypto exchange to register with the UAE Financial Intelligence Unit in 2021, building the edifice of regulatory compliance and market dominance.
Afterwards, RAK DAO was launched by Ras Al Khaimah’s ruler, Sheikh Saud bin Saqr Al Qasimi in October 2023. It is reported to be the first economic landscape set aside specifically for crypto, Web3, blockchain, and artificial intelligence in the UAE. The zone provides pro-business regulatory dynamics with tax benefits, making it an alluring spot for companies in the digital asset space.
Ever since it was launched, RAK DAO has successfully developed strategic collaborations with major names in the blockchain and cryptocurrency arenas, sources report. In July, mining giant Phoenix Group allegedly announced an investment of $100 million in Ras Al Khaimah by 2030. Moreover, RAK DAO signed a Memorandum of Understanding with Tether, a dominating stablecoin issuer, to promote the adoption of cryptocurrency payment.
According to the news sources, by March 2024, over 100 entities had acquired licenses to work within RAK DAO, demonstrating the increasing inclination and regulatory support towards digital assets in the UAE. This trajectory allegedly heralds a robust and bright future for blockchain and crypto innovation in the area.
Conclusion
The Okto wallet’s licensing as the region’s first web3 wallet by RAK Digital Assets Oasis marks a notable step ahead for CoinDCX and the digital asset ecosystem in the UAE. Okto is set to leverage UAE’s supportive regulatory dynamics and the increasing demand for decentralized technologies by becoming the first web3 wallet to get this license. With more than a million users onboarded already and the backing of RAK DAO, Okto is reportedly sitting at the doorstep of extending its influence and steering the adoption of Web3 technologies in the area. The UAE’s encouraging approach to blockchain and crypto innovation gives a strong foundation for upcoming growth and industry leadership. Learn more about these developments with TheBITJournal.
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