Gold trader in Dubai becomes first with crypto trading license

A gold investment and trading firm based in Dubai has become the first companyy in the region to become a government-based licensed trader in cryptocurrency.

Regal RA DMCC received the trading license from the Dubai Multi Commodities Centre (DMCC), and will now be able to store Bitcoin, Etherum and other cryptocurrencies in a “deep cold storage vault,” reports CCN.

Gerhard Schubert, chairman of the board for regal assets DMCC, said: “DMCC is the only Free Zone in the Middle East to have a government-issued license to trade in crypto-commodities and offers unparalleled full market value insurance on such investments.”

All cryptocurrency will be stored offline alongside physical gold stock, fully insured against security threats like hacking.

“We have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum and other crypto-commodities,” added Tyler Gallagher, Regal Assets’ chief executive.