Okto pockets, the self-custodial pockets developed by Indian crypto trade CoinDCX, has secured a enterprise license from RAK Digital Property Oasis, a free-trade zone within the United Arab Emirates.
In response to a press launch shared with crypto.information, the brand new license positions Okto as the primary web3 pockets to have acquired a license to function in RAK DAO. With this new license, Okto is predicted to achieve a strategic benefit within the area.
The Okto pockets was launched in 2023 and has since amassed over a million customers. With help for over ten blockchain networks, together with Ethereum, Base, BSC, Arbitrum, Solana, and Polygon, customers can create new self-custody wallets, import current ones, or export them to different platforms.
Neeraj Khandelwal, co-founder of CoinDCX, famous that this milestone would “speed up the adoption of Web3 among the many mainstream viewers.”
“We’re honoured to have acquired the enterprise license from RAK Digital Property Oasis. Self-custody is revolutionary because it grants full possession of property to customers. Okto has onboarded over 1,000,000 customers in a single 12 months.”
Neeraj Khandelwal, co-founder of CoinDCX
This growth follows CoinDCX’s enlargement within the UAE, which started with its June 2024 acquisition of BitOasis, the primary crypto trade to register with the UAE Monetary Intelligence Unit in 2021.
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RAK DAO was inaugurated in October 2023 by Ras Al Khaimah’s ruler, Sheikh Saud bin Saqr Al Qasimi. It’s the UAE’s first financial free zone centered on crypto, Web3, blockchain, and synthetic intelligence. The zone affords a business-friendly regulatory setting with tax advantages.
Since its institution, RAK DAO has solid partnerships with key gamers within the blockchain and cryptocurrency house. In July, mining big Phoenix Group pledged to take a position $100 million in Ras Al Khaimah by 2030. Earlier than that, RAK DAO signed a Memorandum of Understanding with stablecoin issuer Tether to advertise the adoption of cryptocurrency funds.
By March 2024, over 100 entities had acquired licenses to function within the area.
Learn extra: CoinDCX CEO clarifies India’s crypto tax rules and their impression
