Dubai – Mubasher: Dubai Multi Commodities Centre (DMCC) on Tuesday stated that it has awarded a cryptocurrency trading licence to Dubai gold trader Regal RA DMCC, a subsidiary of Regal Assets.
Regal RA DMCC has become the first firm in the Middle East to get such a licence to trade bitcoin, Ethereum and other digital currencies, the DMCC said in a statement.
The UAE-based company is planning to offer a storage for cryptocurrencies in a vault located in DMCC headquarters in Dubai, the DMCC added.
“Investors in cryptocurrencies are reluctant to store large amounts of the coins in online wallets and exchanges due to the risk of hacking, identify theft, and malware, Regal Assets’ CEO Tyler Gallagher commented.
“We have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum, and other crypto-commodities,” the top official concluded.
