CoinDCX’s Okto Wallet secures a license to operate in the UAE Free Zone
Okto, the self-managed wallet of the Indian crypto exchange CoinDCX, has received an official license from the Ras Al Khaimah Digital Asset Oasis (RAK DAO) in the United Arab Emirates.
On August 27, OCTO announced that it had received an operating license from RAK DAO. This allows the Web3 wallet to operate legally in the UAE. The project claims to be the first Web3 wallet to get its license in the country's free zone for digital assets.
Octo is a multi-chain decentralized finance (DeFi) wallet wholly owned by a subsidiary of DCX Global, a Mauritius-based group holding company incorporated in July 2023. The platform provides a keyless, self-contained wallet for managing digital assets.
Neeraj Khandelwal, co-founder of CoinDCX and Okto, said the license further boosts the trust and confidence of their community. The executive believes Web3 will accelerate adoption for mainstream audiences.
RAK DAO reaffirms its commitment to Web3
In the year In 2023, the United Arab Emirates established RAK DAO, an economic free zone dedicated to virtual assets, blockchain, Web3 and artificial intelligence. It caters to service providers building new technologies such as Metaverse, wallets, imperishable tokens and other Web3 businesses.
RAK DAO CEO Dr Samer Al Ansari said the new Octo license reflects the free trade zone's commitment to “creating a supportive and transparent environment for innovative Web3 companies”.
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CoinDCX continues its UAE expansion.
The new development follows CoinDCX's efforts to expand its business footprint in the UAE. On July 3, the exchange acquired UAE-based crypto exchange BitOasis. However, according to CoinDCX co-founder Sumit Gupta, BitOasis will continue to operate independently within existing licenses.
BitOasis previously received a Category 2 license from the Central Bank of Bahrain. This trading platform allows it to act as a broker-dealer in the strict regulatory conditions of the country. The platform is the first to get an operating license in Dubai.
In April 2023, BitOasis received an operating license from the Dubai Virtual Assets Regulatory Authority (VARA). However, on July 11, 2023, VARA suspended the platform's license for failing to meet key conditions on time.
On April 12, 2024, VARA lifted the crypto exchange operating license ban. An active VARA registry page verifies that a platform license is active.
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