Gold Trader First To Get license To Trade And Store Cryptocurrencies In Dubai
A Dubai-based gold investment and trading firm has turned into the first company in the Middle East to get a government backed digital currency trading license.
Dubai gold merchant Regal RA DMCC has gotten a trading license by the Dubai Multi Commodities Center (DMCC), permitting the company store digital currencies like Bitcoin, Ethereum and different altcoins in a “deep cold storage vault” situated in Almas Tower, Dubai.
“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,” said Gerhard Schubert, Chairman of the Board for Regal Assets DMCC.
In a declaration, the DMCC includes the offline storage of all its digital currencies will be put close by the company’s stock of physical gold in a vault that the company claims “is one of the most secure precious metal facilities in the world.” Further, all physical storage devise of the digital currencies will be completely insured against robbery, hacking or any cataclysmic events, the DMCC said.
In the midst of a spate of major hacks of digital currency trades, hesitant investors who dither to store their crypto holdings in online wallets and trades will favor Regal RA’s offline solution, fights Regal Assets’ CEO Tyler Gallagher.
“We have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum and other crypto-commodities.”
The company fights its security structure will see offline keys printed inside a safe domain on a “specialized wallet and placed in deep clod storage in the DMCC vault.” With its exchanging license, Regal RA adds it will enable clients to buy or offer digital currencies whenever.
Regal RA DMCC works as a subsidiary of alternative assets firm Regal Assets, the latter holding a presence in the UAE, Canada and the United States and headquartered in Texas. The company is additionally progressing in the direction of building up a completely compliant and regulated digital currency exchanging platform online, as indicated by Ksenia Kiseleva, manager of the company’s office in Dubai. Furthermore, Regal will likewise apply for digital currency exchanging licenses in different nations around the globe, she uncovered.
The company’s declaration within days of Abu Dhabi’s international financial center considering its own regulatory system for the digital currency area, a move that could see the financial zone demonstrate a friendly jurisdiction for digital currency utilization in trading and payments.