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.
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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.”
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.
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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.