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

post image

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.

Our top trading bots

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.

Facebook Has Opened 5 Blockchain-Related Vacancies
More than half a year ago social media titan Facebook set up a blockchain group to explore how to employ this technology to the maximum advantage of the...
Another Crypto-Bubble Went Off But Prices May Still Grow, Ethereum Co-Founder Says
The fact that recently the cyber-assets’ prices dropped does not mean there will be an impediment in their potential increase. This is the opinion of the...
Crypto-Expert Puts $6 mln on a Bet that Bitcoin Reaches $280k by 2023
As the last months of 2018 are fast approaching, crypto-enthusiasts keep forecasting the potential price of the "king of all cryptos." There have already...
“Wolf of Wall Street” Belfort Calls People To Stay Away From BTC Not to Lose Money
Bitcoin’s price doesn’t depend on anything else apart from people’s expectations of it. This is the opinion of one of the world’s former speculators Jordan...
For The First Time Binance to Open in Uganda, Touch Fiat
The international cyber-currency trading venue Binance is getting ready for the set off of its crypto-fiat “subsidiary” in Uganda. Changpeng Zhao, the top...
Tom Lee Predicts Bitcoin to Surpass $90,000 in Two Years
As of writing, according to Coinmarketcap.com, bitcoin is being traded at $8,330. Just a day ago, on March 18, the currency saw a fall to $7,400, a margin...
EU Official: “No Basis To Forbid Mining If Energy For it is Produced Legally”
Governments all over the world remain skeptic about cryptos for a wide range of reasons – from potential money laundering to terrorist supply. Another reason...
Self-Proclaimed “Satoshi” Faces a Lawsuit Concerning $10 million
Around two years ago an earlier inglorious person called Craig Wright, an Australian cyber specialist and businessperson proclaimed himself as a creator...
Hidden Mining Got To Microsoft Word
Experts of the Israeli company Votiro, specializing in the field of cybersecurity, found a vulnerability in the new version of Microsoft Word in the form...
‘Bitcoin is a Fork, Bitcoin Cash is The Authentic Blockchain’ – US Government Scientists
The chicken or the egg? It seems that this question is more than relevant in the crypto sphere. However, the words 'chicken' and 'egg' better be replaced...
New Way of Fun Blockchain
New Youtube - series "The Magical Crypto Friends," created by four like-minded people: Litecoin developer Charlie Lee, Monero creator Riccardo Spagni, CEO...
Bitcoin At Premium: How BTC Prospers in Africa
Years ago media predicted the rise of bitcoin in the emerging-market countries. Unsurprisingly, that’s what is happening today. Bitcoin and its brethren...
JPMorgan’s Jamie Dimon Accepts Being Wrong When Called BTC a “Fraud”
The Chairman and CEO of the US largest bank JPMorgan Chase – Jamie Dimon – five months after calling bitcoin a “fraud” decided to take it back. In a conversation...
Slow-Speed Transactions Have Gone To Past With Bankex Solution
People are spending millions ETH for Cryptokitties, like crazy. We know, you have already bought one, and we also know you become outraged because of the...
Confido: How to Raise $374,000 ICO and Disappear
The ICO Confido, which sold tokens called CFD, attracted $ 374,000 from investors and after that has completely vanished! The startup removed all information...