On Tuesday Dubai did something very new and improved by offering investors to store their cryptos in a vault located in the headquarters of the commodities free zone in the emirate.
Dubai-based Gold trader Regal RA DMCC has with that, become the first company in the Middle East to be awarded a licence by the Dubai Multi Commodities Centre (DMCC) to trade in cryptocurrencies. The licence allows the company to store Bitcoin, Ethereum and other cryptocurrencies in a vault located in the DMCC headquarters.
They are reassuring their investors that the vault will have no connection to a network and physical devices and are fully insured for the crypto-commodities market value against theft, hacking or natural disaster.
“We have developed what we believe is the number one most secure way of investing in bitcoin, ethereum and other crypto-commodities,” Tyler Gallagher, chief executive of Regal Assets, which owns Regal RA, said.
Through all the world, Investors are investing in cryptocurrencies, but they are concerned that if they store larger amounts of coins in online wallets and exchanges, it could be hacked or in some way threatened.
Just last month, hackers stole about $530m worth of cryptocurrency from the Coincheck exchange in Japan – one of the biggest such heists ever, so it’s natural that the investors are reclutant. However, Gallagher said that they “have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum and other crypto-commodities.” “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 and added that there is growing demand in the U.A.E. and worldwide.
Regal will apply for trading licenses in other countries around the worldand the DMCC license is the company’s first for crypto currencies/commodities. “At the heart of DMCC’s long term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers,” DMCC Executive Chairman Ahmed Bin Sulayem said in the statement. “The announcement today embodies this approach.”