The Dubai Multi Commodities Center (DMCC) has awarded the first license for cryptocurrency trading to a firm which is in the business of gold trading. They are likely to launch the “First Cold Storage Vault” for cryptocurrencies.
In general, the cold storage of cryptocurrencies means that the cryptocurrency is stored offline, directly in a hardware wallet.
Unlike a wallet or a third-party service connected to the Internet that could be vulnerable to attacks or scams.
According to the DMCC, cryptocurrency investors operating in Bitcoin (BTC), ETH, and other alternative currencies, now they can store their currencies offline. The company calls this facility as "first cold deep storage for crypto-commodities in the world."
The attraction of Crypto companies:
In the year 2002, UAE has formed a government entity “Dubai Multi Commodities Center (DMCC)” to improve trade flows of commodities through Dubai. DMCC is the fastest and largest growing free trade zone in entire UAE.
Earlier this February 2018, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi already stated that they are in planning on the policy for cryptocurrencies, cryptocurrency exchanges, and first currency offers (ICO) which are not yet regulated in the UAE.
On the other hand, Dubai has begun to issue licenses to permit companies that market in cryptocurrencies operating from their free zone of Dubai, Thomson Reuters Zawya reported recently.
Sanjeev Dutta, the executive director of DMCC, told the publication that “The Center is beginning to facilitate a market in which cryptocurrencies, he acknowledged, is not regulated. Citing that the companies that seek to establish in the area would be considered on a "case by case" basis” He added: “To me, what is important is the fact that it is still being evaluated as part of its innovation strategy. You are not saying 'no' to something. You are not saying 'yes' or good, but you are exploring, so you are ahead of others when the time to make a decision comes”.
The first license issued:
Largest free zone of UAE has recently granted the first license to a Cryptocurrency firm. Regal RA is the name of the company which has received the first license for crypto-trading.
They said cryptocurrencies is their product line. That will offer high security, cold storage, and insured services for Bitcoin, Bitcoin Cash, Ether, Hyphen, Wave, and Classic Ethereum.
According to Bloomberg, "Dubai gold dealer Regal RA DMCC is the first company in the Middle East to obtain a license for trade cryptocurrencies." The news chain quoted DMCC acknowledges in a statement, "The Company will offer Bitcoin storage, Ethereum and other cryptocurrencies in a vault located at the DCMD headquarters in Almas Tower in Dubai."
Executive President DMCC Ahmed Bin Sulayem was quoted by the publication, "At the heart of DMCC's long-term strategic growth plan is the use of technology and innovation to interrupt and connect new markets, industries and customers," adding that "the announcement today embodies this approach.'
Regal RA is the name of the gold investment company that has received the first-ever license for crypto trading in Dubai. They are preparing to apply for Crypto trading license in other countries as well. Currently, they are designing an online platform where all the operations of crypto commodities can be operated.
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This a dubai,fifty luxury apartments in Dubai with price tags on Bitcoin have now been sold, according to a team of UK-based developers behind them.
Of the 1,300 apartments under development at Dubai's Science Park by Michelle Mone, an underwear businessman, and his partner Doug Barrowman, 50 can be bought by Bitcoin, priced between 15 (now about $ 120,000 or AED450,000) and 45 ($ 360,000 or AED1.35m)...
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Congratulations DMCC...big milestone achieved...much more to go...fingers crossed...time for them to set an example in the new world of crypto currencies...thanks for sharing @mann...thanks for sharing with us @mann 👍
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Woww..that's good .thanks for updating us about crypto☺
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Amazing @mann ..
Bitcoin is always the 1st in the world today the digital currency is very weak, what causes it, the price of SBD down .. Thank for sharing
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This is a great news
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Thats indeed a welcoming sign, after Japan, Switzerland, Israel,Wyoming two if the Russian governor calling for setting biggest mine in their respective states, & now Dubai easing trade for cryptos whose next in the list.
Great days ahead for the crypto currency can't wait for London crypto currency show, hopefully it might be a change viewpoint of Europe too.
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thanks a lot of friends have shared interesting information, according to a team of developers based in the UK behind them.
Of the 1,300 apartments under development at Dubai's Science Park by Michelle Mone, an underwear entrepreneur, and his partner Doug Barrowman, 50 can be purchased by Bitcoin, priced between 15 (now about $ 120,000 or AED450,000) and 45 ($ 360,000 or AED1 .35m) ...
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Dubai is ready for crypto! :) just a matter of time and crypto invades everywhere, maybe not China :)
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It's not what it looks like, when it comes to technology the Chinese may not accept it from outside but they always builts it's own Eg YouTube, Facebook.
I'm pretty hopeful that one day Chinese may come with its own crypto currency. 🤞
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I am very grateful, for your information and your policy to me, thank you friend.dubai pleasant country.
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dubai is the most advanced country in the world, and other countries should take an example from dubai country.
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Dubai also took part in developing bitcoin, as much of the richest gang area also protested the weakening of weakened bitcoin selling price.
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Thanks for sharing the good news @mann...hope it will be implemented in rest of the world too 🙏
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That's really amazing that it can be stored offline. I wonder when cryptocurrencies will be legalized here in Nepal.
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this is good news, thank you friends for sharing your day of fun
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