Okto Becomes First to Obtain RAK DAO License in UAE

India’s biggest crypto exchange, CoinDCX, has obtained a business license from Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the United Arab Emirates for its self-custodial Web3 wallet, Okto.

This exchange announced this development in an official press release published today, August 27.

The RAK DAO business license is recognized as the world’s first and only free zone exclusively dedicated to supporting digital asset companies. This marks a groundbreaking development for CoinDCX as Okto becomes the first Web3 wallet to secure a business license in the UAE, allowing it to legally operate within the country’s dedicated free zone for digital assets.

Okto, developed by CoinDCX, is a Web3 wallet designed to simplify the storage and management of digital assets across various chains, including EVM and non-EVM chains. As a multichain DeFi wallet service, it offers a keyless, self-custody wallet for managing digital assets. Okto has gained significant traction and has onboarded over a million users within a year of its launch.

Commenting on the achievement, Neeraj Khandelwal, co-founder of CoinDCX and Okto, expressed his gratitude, stating,

“We are honored to have received the business license from RAK Digital Assets Oasis. Self-custody as a concept is revolutionary as it grants complete ownership of assets to the users.”

Khandelwal also highlighted the significance of this milestone in building confidence and trust among the user base, emphasizing the potential for accelerating the adoption of Web3 among mainstream audiences.

Notably, in June 2024, CoinCDX acquired Dubai-based digital asset custody provider BitOasis to further its global expansion plans and gain a notable foothold in the Middle East and North American (MENA) region. BitOasis already has an existing license in the UAE, and the acquisition announcement came on the heels of its newly obtained license in Bahrain. Sumit Gupta, Co-Founder of CoinDCX, reportedly said the move is part of its long-term plan to become a global exchange.

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