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Dubai Based Investment Earns First Cryptocurrency Trading License
A Dubai-based investment and trading company has become the first company in the Middle East to receive a government-backed license for the cryptocurrency business.
In a statement issued Tuesday by the DMCC, the license allows the company to store bitcoin, ethereum and other alternatives to more well-known digital currencies in a safe located in the headquarters of the free zone.
The vault will have no connection to a network and physical devices are fully insured for the crypto-commodities market value against theft, hacking or natural disaster, it said. Crypto-commodities are those that trade in bitcoin.
“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.
Cyber theft is considered a major risk for the bitcoin trade, highlighted by the $ 530 million last month in a Tokyo-based exchange, a flight rivaling Mt. Gox is one of the largest of all time for digital currency.
There have been more important warnings around the world about the dangers of investing in cryptocurrencies.
In the midst of a series of major cryptocurrency hacks, reluctant investors who prefer to sell their crypto holdings in online wallet and exchanges will prefer Regal RA’s off-line solution, say Regal Assets Managing Director , Tyler Gallagher.
He stated
Regal RA is working on developing a fully regulated and compliant online trading platform for crypto-commodities for the near future, said Ksenia Kiseleva, manager of the company’s Dubai office. “We look at them as a commodity not as a method of payment,” she said. “There is growing demand in the U.A.E. and worldwide.”
On Monday, the banking supervisory bodies, securities and insurance companies of the European Union have in their possession obvious signs of the price bubble and their savings.