Okto, the self-custodial wallet by Indian crypto exchange CoinDCX, has secured a business license from RAK Digital Assets Oasis (RAK DAO) in the United Arab Emirates. This makes Okto the first web3 wallet to be licensed in this free-trade zone, giving it a strategic edge in the region.

Launched in 2023, Okto has already amassed over a million users. The wallet supports over ten blockchain networks, allowing users to create new self-custody wallets, import existing ones, or export them to other platforms.

Neeraj Khandelwal, co-founder of CoinDCX, believes this milestone will accelerate mainstream adoption of Web3. This news follows CoinDCX's UAE expansion, which began with the acquisition of BitOasis, the first crypto exchange registered with the UAE's Financial Intelligence Unit in 2021.

RAK DAO, inaugurated in October 2023, is the UAE's first economic free zone dedicated to crypto, Web3, blockchain, and artificial intelligence. It offers a business-friendly regulatory environment with tax benefits.

The zone has attracted major players in the crypto space. In July, mining giant Phoenix Group pledged a $100 million investment in Ras Al Khaimah by 2030. Earlier, RAK DAO signed a deal with stablecoin issuer Tether to promote cryptocurrency payments.

By March 2024, over 100 entities had received licenses to operate in RAK DAO, making it a hub for crypto innovation.