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.