Middle Eastern Precedent: Gold Trader Gets Dubai License to Trade and Store Cryptos

Middle Eastern Precedent: Gold Trader Gets Dubai License to Trade and Store Cryptos

For the first time authorities of the largest and most populous city in the United Arab Emirates – Dubai – issued a license for a gold investment and trading company, permitting it to trade crypto commodities and store cyber assets.

This case is also exclusive as it is believed to be the first case of such scale in the entire Middle East Region.

Crypto Perspectives For the Arabic World

Regal RA DMCC, a gold trader and a subsidiary of Regal Assets, has recently obtained a trading license from the Dubai Multi Commodities Centre. This document now permits the firm to stock up major cyber assets, including BTC, ETH, and some other cryptos.

The coins are allowed to be preserved in “deep cold storage vault” in Almas Tower, an office center in Dubai. In this building is located the central DMCC office, a main international interconnected Free Zone and hub for goods trading.

Gerhard Schubert, who is a Chairman of the Board for Regal Assets DMCC, concerning the occasion, said:

“DMCC is the only Free Zone in the Middle East to have a government-issued license to trade in crypto-commodities and offers unparalleled full market value insurance on such investments.”

Storing Cryptos

According to the announcement on the company’s website, the offline repository of all its digital assets will be settled next to DMCC’s storage of material gold in a vault. The last one, by the way, as the form claims, is amongst the safest facilities for ores on earth.

On top of that, DMCC added, the physical hoarder for virtual money will be entirely protected from steal, cyber-attack or natural distress.

Tyler Gallagher, Regal Assets’ CEO, says that in view of recent hacks of digital money trading venues, investors would rather turn to the offline storage, offered by Regal RA as online wallets might seem no more protective to them.

The firm also assures that its safety solution will see offline clues printed on a unique wallet located in a deep cold depot in the vault.

Time For Crypto Trading

In the meantime, the firm intends to allow its clients to trade cyber coins whenever they want. Moreover, Regal RA DMCC will apply for crypto trading permissions in other countries.

It is essential to add that this announcement has come out alongside with the fact that UAE capital’s trans-border financial center started considering its potential regulations over the crypto market.

A Collection Of Fresh Crypto News For Those Who Missed Out
The Major Roundup On The Latest Crypto News In The World The last month has been full of events and brought even more pressure on local...
What To Expect From A Cryptocurrency Market In 2020
Crypto market has always been a good target for speculation, shady schemes, and "bad guys". It's also very controversial, especially for financial...
Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the...
Nasdaq CEO Believes Cryptos Have Place in Future in Economy
Almost two months ago Nasdaq’s representative Joseph Christinat confirmed the rumours that in 2019 the American stock exchange might launch BTC...
Report: Leaders of South Korean Crypto Exchange Komid Face Jail After Fraud
This week the Asian crypto-market has been rich in the news. Earlier it was reported that Japan finally approved Coincheck’s official status as cyber...
Crypto-Expert Brian Kelly Says 2019 Will Bring No Approval to BTC ETF
For the past year, various ETF-projects have been failing to receive the green light from American regulators. And despite the bullish ambitions of...
Ethereum Classic 51% Attacker Reportedly Returned $100,000 to Exchange
Cyber money exchange Gate.io has informed the general public about the return of previously stolen $100,000 worth Ethereum Classic units. According...
Approved Coincheck & Scrutiny on DLT: Japan and China Move in Different Directions
Asian countries seem to go in different directions when it comes to the regulation of cryptos and blockchain. Two Asian tigers — Japan and China...