Dubai Trader Obtained First Middle East Cryptocurrency License
February 14, 2018
Dubai trader Regal RA, which specializes in gold trading, became the first Middle East company to obtain a state license to conduct cryptocurrency transactions. Given by Dubai Multi Commodities Centre (DMCC) license allows Regal to trade bitcoin, ethereum, ripple and litecoin.
Regal RA is now able to store its cryptocurrency at the DMCC headquarters in Dubai. The centre has built a special cooling data vault without the access to the Internet. This might be relevant and helpful, since the number of cyber attacks on crypto assets is rising. It means that cryptocurrency of traders and investors is at risk when it is stored in online wallets or exchanges.
Tyler Gallagher, CEO of Regal Assets, which owns Regal RA said in the statement:
"We have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum and other crypto-commodities."
Manager of company's office in Dubai Ksenia Kiseleva told Bloomberg:
"We look at them as a commodity not as a method of payment. There is growing demand in the U.A.E. and worldwide."