CoinDCX’s Okto Wallet Wins UAE License

“The Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the UAE has officially licensed Okto, the self-custodial wallet of Indian crypto exchange CoinDCX.”

wallet kept for oneself, Okto obtained a license under the RAK DAO, a virtual asset-focused economic free zone.

Okto declared on August 27 that it had obtained an operational license from RAK DAO. As a result, using the Web3 wallet in the UAE is now permitted. According to the initiative, it is the first Web3 wallet to obtain a license in the nation’s exclusive free zone for digital assets.

The multichain decentralized finance (DeFi) wallet Okto is owned by a DCX Global division, a group holding company established in July 2023 and headquartered in Mauritius. The platform provides a self-custody, keyless wallet for digital asset management.

According to CoinDCX and Okto co-founder Neeraj Khandelwal, the community’s “trust and confidence” will be further enhanced by the license. According to the executive, it will also hasten the mainstream audiences’ adoption of Web3.

RAK DAO reiterates its dedication to Web3.

The UAE founded the RAK DAO, an economic free zone devoted to virtual assets, blockchain, Web3, and artificial intelligence, in 2023. It serves service providers who are creating new technologies, including wallets, non-fungible tokens, the metaverse, and other Web3 enterprises.

The new Okto license, according to RAK DAO CEO Dr. Sameer Al Ansari, is a reflection of the free trade zone’s dedication to “creating a supportive and transparent environment for innovative Web3 companies.”

CoinDCX keeps growing in the UAE.

The latest event comes after CoinDCX attempts to increase its commercial presence in the United Arab Emirates. The UAE-based cryptocurrency exchange BitOasis was bought by the exchange on July 3. BitOasis, according to CoinDCX co-founder Sumit Gupta, will carry on independently under current licenses.

Before this, BitOasis obtained a Category 2 license from the Central Bank of Bahrain. This enables the trading platform to function as a broker-dealer inside the nation’s stringent regulatory framework. Additionally, the platform was the first in Dubai to be granted an operational license.

BitOasis obtained an operational license from the Virtual Assets Regulatory Authority (VARA) in Dubai in April 2023. But on July 11, 2023, VARA suspended the platform’s license due to its failure to comply with essential requirements on schedule.

VARA removed the cryptocurrency exchange’s operational license suspension on April 12, 2024. It is confirmed that the platform’s license is in effect by an active VARA registration page.