Dubai Firm Gets First Mideast License in Cryptocurrencies

Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies
13 February 2018   556

Regal RA DMCC, a Dubai gold trader, has become the first company in the Middle East to get a license to trade cryptocurrencies. The company will offer storage of Bitcoin, Ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai. 

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. The announcement today embodies this approach.


Ahmed Bin Sulayem

Executive Chairman, DMCC

Tyler Gallagher, a chief executive officer of Regal Assets, which owns Regal RA, said that cryptocurrency investors are reluctant to store large amounts of the coins in online wallets and exchanges due to the risk of hacking, identify theft and malware. He added that the company has developed one of the most secure ways of investing in Bitcoin, Ethereum, and other crypto-commodities.

Regal RA is working on an online trading platform for the crypto-commodities, said Ksenia Kiseleva, manager of the company’s Dubai office. Regal will apply for trading licenses in other countries around the world, she said. The DMCC license is the company’s first for cryptocurrencies/commodities. 

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   94

Bitfinex Cryptocurrency Exchange has introduced a new system for fiat currencies deposits: the US dollar (USD), the British pound (GBP), the Japanese yen (JPY) and the euro (EUR). Now, the users who have completed the KYC procedure will create an application, indicating the deposit amount and currency, and the platform representatives will consider it within 48 hours.

Then, if approved, users will be sent the recipient's bank data, and the deposit itself will be credited to the account within 6-10 business days.

In this case, the minimum threshold of $ 10,000 was not abolished.

Earlier, Bitfinex had an anomalous growth of Bitcoin to the level of $ 7,788, which was associated with the possible collapse of Tether.

Nevertheless, the USDT price also stabilized, and representatives of the issuer said that the tokens were fully secured.