CoinDCX’s Okto wallet secures operational license in UAE free zone

Self-custodial wallet Okto received its license under RAK DAO, an economic free zone dedicated to virtual assets.

Okto, the self-custodial wallet of the Indian crypto exchange CoinDCX, officially received its license from the Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the United Arab Emirates. 

On Aug. 27, Okto announced that it secured an operational license from RAK DAO. This allows the Web3 wallet to legally operate in the UAE. The project claimed it’s the first Web3 wallet to secure the license in the country’s dedicated free zone for digital assets. 

Okto is a multichain decentralized finance (DeFi) wallet fully owned by a subsidiary of DCX Global, a Mauritius-based group holding company incorporated in July 2023. The platform offers a keyless, self-custody wallet for managing digital assets. 

CoinDCX and Okto co-founder Neeraj Khandelwal said that the license will “further enhance the trust and confidence” of their community. The executive believes that it will also accelerate Web3 adoption to mainstream audiences. 

RAK DAO reaffirms commitment to Web3 

In 2023, the UAE established the RAK DAO, an economic free zone dedicated to virtual assets, blockchain, Web3 and artificial intelligence. It caters to service providers building emerging technologies such as the metaverse, wallets, non-fungible tokens, and other Web3 businesses. 

RAK DAO CEO Dr. Sameer Al Ansari said the new Okto license reflects the free trade zone’s commitment to “creating a supportive and transparent environment for innovative Web3 companies.”

Related: UAE’s RAKBANK teams up with Bitpanda on digital asset platform for residents

CoinDCX continues UAE expansion

The new development follows CoinDCX’s efforts to expand its business footprint in the UAE. On July 3, the exchange acquired the UAE-based crypto exchange BitOasis. However, CoinDCX co-founder Sumit Gupta said that BitOasis will continue to operate independently under existing licenses. 

BitOasis previously secured a Category 2 license from Bahrain’s central bank. This allows the trading platform to act as a broker-dealer under strict regulatory conditions in the country. The platform was also the first to obtain an operating license in Dubai. 

In April 2023, BitOasis secured an operational license from Dubai’s Virtual Assets Regulatory Authority (VARA). However, on July 11, 2023, VARA suspended the platform’s license for not meeting key conditions in time. 

On April 12, 2024, VARA lifted the crypto exchange’s operational license suspension. An active VARA registry page confirms that the platform’s license is operational. 

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