The Dubai Multi Commodities Center (DMCC) donated to a Dubai gold trading company the first cryptocurrency license in the Middle East, According to Reporters Without Borders, the company Regal RA DMCC, a subsidiary of Regal Assets, which is a gold investment company.
Ksenia Kiseleva, Dubai Regal Assets bureau chief, said that Regal RA plans to apply for encryption licenses in other countries, and is currently developing trading platform for all crypto- products. Kiseleva notes that Regal RA regards crypto-currencies as a “merchandise ” instead of a payment method, according to Bloomberg
According to the DMCC, crypto investors operating in Bitcoin (BTC) and Ethereum (ETH), and other altcoins will be able to store their coins offline in what the company calls the “first cryogenic storage in the world for cryptographic products “. The Regal RA cold room is considered one of the world’s most secure precious metal installations and located in Almas Towers, Dubai, home of the DMCC Free Zone. DMCC promises that crypto assets will be “ physically insured ” against natural disasters and hacks.
Generally, cold storage of cryptocurrencies means that crypto is stored offline, directly on a hardware portfolio, as opposed to a portfolio or third-party service connected to the Internet that may be vulnerable to attack or scams.
Earlier this month, the Financial Regulatory Authority (FSRA) of Abu Dhabi announced that it was working on the regulation of cryptocurrencies. Initialization of coins (ICO), and crypto exchanges, which are not yet regulated in the United Arab Emirates (UAE).
Dubai had already been to the vanguard of the crypto world in the Middle East when it announced in October. 2017 that he would publish his own cryptocurrency backed by the local government called emCash.