CoinDCX’s Okto Wallet Receives Operational License in UAE Free Zone

August 28, 2024 04:08 PM AEST | By Team Kalkine Media

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CoinDCX’s Okto Wallet Receives Operational License in UAE Free Zone — Image source: shutterstock

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Okto, a self-custodial wallet developed by Indian crypto exchange CoinDCX, has recently received an operational license from the Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the United Arab Emirates. This license, granted on August 27, 2024, authorizes Okto to operate legally within the UAE’s dedicated free zone for digital assets, marking it as the first Web3 wallet to secure such a license in the country.

Okto is a multichain decentralized finance (DeFi) wallet fully owned by a subsidiary of DCX Global, a Mauritius-based holding company established in July 2023. The wallet provides a keyless, self-custody solution for managing digital assets. According to Neeraj Khandelwal, co-founder of CoinDCX and Okto, this licensing milestone is expected to bolster community trust and accelerate mainstream adoption of Web3 technologies.Although (VARA) suspended the license on July 11, 2023, for non-compliance with certain conditions, it was reinstated on April 12, 2024, and remains active.

The Ras Al Khaimah Digital Assets Oasis (RAK DAO) was launched in 2023 as an economic free zone focusing on virtual assets, blockchain, Web3, and artificial intelligence. The zone supports businesses involved in emerging technologies such as the metaverse, wallets, and non-fungible tokens (NFTs). Dr. Sameer Al Ansari, CEO of RAK DAO, emphasized that granting the license to Okto underscores the free zone’s commitment to fostering a supportive and transparent environment for innovative Web3 enterprises.

This development is part of Coins broader expansion efforts in the UAE. On July 3, CoinDCX acquired UAE-based crypto exchange BitOasis. Despite the acquisition, BitOasis will continue to operate independently under its existing licenses. The platform previously held a Category 2 license from Bahrain’s central bank, allowing it to function as a broker-dealer under stringent regulatory conditions. BitOasis also secured an operational license from Dubai’s Virtual Assets Regulatory Authority (VARA) in April 2023.

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