The Dubai Multi Commodities Center has given a gold trading company in Dubai the first cryptocurrency trading license in the Middle East, and the company has responded by launching the world’s first cold storage vault for crypto, according to a recent press release.
Regal RA DMCC, the co that received the crypto license, is a subsidiary of Regal Assets – a gold investment company.
Manager of the Dubai Regal Assets office, Ksenia Kiseleva, said that Regal RA is planning to apply for crypto licenses in other countries, and is now developing an online trading platform for crypto-commodities.
Ksenia Kiseleva notes that Regal RA sees crypto-currencies as a commodity instead of a payment method.
According to the Dubai Multi Commodities Center, cryptocurrency investors trading in Bitcoin , Ethereum, and other altcoins will be able to store their coins offline in what the company dubs the world’s 1st deep cold storage for crypto-commodities.
Regal RA’s cold storage vault is branded as one of the most secure precious metal facilities in the world and located in the Almas Towers, Dubai, the Dubai Multi Commodities Center Free Zone headquarters.
Dubai Multi Commodities Center promises crypto-assets will be physically insured against hacks as well as “natural disasters”.
Typically, cold storage of crypto-currencies means that the cryptocurrency in question is stored offline – on a hardware wallet, as opposed to a wallet or 3rd-party service connected to the web that could be vulnerable to scams or potential attacks.
Earlier this past month, Abu Dhabi’s Financial Services Regulatory Authority announced that they are working on regulations for cryptocurrencies, Initial Coin Offerings, and crypto-exchanges, which are as of yet unregulated throughout the United Arab Emirates.
Dubai had already been at the forefront of the Middle East cryptocurrency boom when it announced in October of last year that it would be releasing its own local-government backed cryptocurrency called emCash.