Dubai gold trader gets first Middle East license in cryptocurrencies - report

Author: Justin Low | Category: Cryptocurrency

Headlines via Bloomberg


The report says that Regal RA DMCC, a gold trader in Dubai, is the first company in the Middle East to obtain a license to trade cryptocurrencies - according to the Dubai Multi Commodities Centre.

The statement released says that the company will offer storage of Bitcoin, Ethereum, and other cryptocurrencies in a vault located at the DMCC headquarters in Almas Tower, Dubai.

The company is also working on an online trading platform and they currently view cryptocurrencies as a "commodity, not as a method of payment".

Meanwhile, in a press statement, CEO of Regal Assets - which owns Regal RA - says that "we have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum, and other crypto-commodities".

This of course is in relation to the fact that they are offering storages for said cryptocurrencies, and these storages are often at risk to hacking or theft. So, yeah. But at the moment there is no disclosure on how "secure" their storage actually is and what makes is "number one".

Well, a little ray of sunshine for cryptocurrencies in light of all the negativity with regulations and hacking over the last two months.

Bitcoin is down by 1.5% on the day, but off the lows after bouncing off the trendline support highlighted earlier here.

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