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

Okto wallet, the self-custodial wallet developed by Indian crypto exchange CoinDCX, has secured a business license from RAK Digital Assets Oasis, a free-trade zone in the United Arab Emirates.

According to a press release shared with crypto.news, the new license positions Okto as the first web3 wallet to have received a license to operate in 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 amassed over one million users. With support for over ten blockchain networks, including Ethereum, Base, BSC, Arbitrum, Solana, and Polygon, users can create new self-custody wallets, import existing ones, or export them to other platforms.

Neeraj Khandelwal, co-founder of CoinDCX, noted that this milestone would “accelerate the adoption of Web3 among the mainstream audience.”

“We are honoured to have received the business license from RAK Digital Assets Oasis. Self-custody is revolutionary as it grants complete ownership of assets to users. Okto has onboarded over a million users in one year.”

Neeraj Khandelwal, co-founder of CoinDCX

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

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

Since its establishment, RAK DAO has forged partnerships 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. Before that, RAK DAO signed a Memorandum of Understanding with stablecoin issuer Tether to promote the adoption of cryptocurrency payments.

By March 2024, over 100 entities had received licenses to operate in the region.