CoinDCX’s Okto becomes first Web3 wallet licensed in UAE’s RAK DAO

Okto Wallet, a self-custody wallet developed by Indian cryptocurrency exchange CoinDCX, has received an operating license from the RAK Digital Assets Oasis free trade zone in the United Arab Emirates.

According to a press release shared with Crypto.news, the new license makes Okto the first web3 wallet to be licensed to operate in the RAK DAO. With this new license, Okto is expected to gain a strategic advantage in the region.

The Okto wallet was launched in 2023 and has since reached over a million users. Supporting over ten blockchain networks, including Ethereum, Base, BSC, Arbitrum, Solana, and Polygon, users can create new self-custody wallets, import existing ones, or transfer them to other platforms.

CoinDCX co-founder Neeraj Khandelwal stated that this milestone will “accelerate the adoption of Web3 among the mainstream.”

“We are honored to receive a business license from RAK Digital Assets Oasis. Self-custody is revolutionary as it gives users full ownership of their assets. Okto has added over a million users in one year.”

Neeraj Khandelwal, Co-founder of CoinDCX

This development follows CoinDCX’s expansion into the UAE, which began with the acquisition of BitOasis in June 2024, which became the first cryptocurrency exchange to register with the UAE Financial Intelligence Unit in 2021.

RAK DAO was inaugurated by Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, in October 2023. It is the UAE’s first economic free zone focused on crypto, Web3, blockchain and AI. The zone offers a business-friendly regulatory environment with tax benefits.

Since its inception, RAK DAO has partnered with key players in the blockchain and cryptocurrency space. In July, mining giant Phoenix Group pledged to invest $100 million in Ras Al Khaimah by 2030. Prior to that, RAK DAO signed a Memorandum of Understanding with stablecoin issuer Tether to promote the adoption of cryptocurrency payments.

As of March 2024, more than 100 organizations have received licenses to operate in the region.