Okto gets RAK Digital Assets Oasis operational licence
First Web3 wallet to do so
Okto, the innovative self-custodial wallet developed by CoinDCX, has secured an operational licence from RAK Digital Assets Oasis (RAK DAO). This makes Okto the first Web3 wallet in the industry to obtain a pioneering licence from the world’s only free zone featuring common law attributes.
The licence affirms Okto’s status as a leading player in the Web3 space and represents a significant advancement in the broader adoption of decentralised finance.
RAK DAO, situated in Ras Al Khaimah emirate in the United Arab Emirates, has a forward-thinking approach to digital asset regulation and support.
Okto is designed to be a global Web3 wallet capable of managing digital assets across over ten blockchain networks, including prominent chains such as Ethereum, Base, BSC, Arbitrum, Solana, and Polygon.
The wallet offers users complete control over assets and features robust security measures, including Multi-Party Computation (MPC) and traditional seed phrase technology.
Dr Sameer Al Ansari, CEO of RAK DAO, said: “We are thrilled to welcome Okto to RAK Digital Assets Oasis. This licence symbolises our dedication to fostering a supportive and transparent environment for innovative Web3 enterprises and highlights our commitment to leading in this sector.
“Okto’s achievement is a testament to the dynamic ecosystem we are cultivating in Ras Al Khaimah, and we are eager to support their ongoing success in decentralised finance.”
Neeraj Khandelwal, Co-Founder of CoinDCX & Okto, said: “We are honoured to receive the operational licence from RAK Digital Assets Oasis. This milestone underscores our dedication to the self-custody concept, which empowers users with total ownership of their digital assets. With over a million users onboarded within a year, this licence will enhance trust and further accelerate Web3 adoption among mainstream audiences.”
CoinDCX expanded its regional presence by acquiring BitOasis in June 2024, reinforcing its commitment to the UAE’s digital asset sector.
Okto is a secure, multi-chain decentralised finance (DeFi) wallet wholly owned by DCX Global Limited, a Mauritius-based holding company established in July 2023.
Featured image: Okto officials pose for a group photo. Credit: RAK DAO
