The Dubai Multi Commodities Centre (DMCC) licensed the circulation of a cryptocurrency to a trader Regal RA, a subsidiary of Regal Assets, one of the world’s leading producers of precious metals, for the first time in the Middle East, Bloomberg reported.
Now Regal RA will be able to trade bitcoins and other types of cryptocurrency, like Ethereum, Ripple, Litecoin. The company will be able to store cryptocurrency at DMCC headquarters 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,” DMCC Executive Chairman Ahmed Bin Sulayem said in the statement.
According to CEO of Regal, Tyler Gallagher, investors are still reluctant to use online wallets and online exchanges to store large amounts of virtual money because of the high risks of their hacking.
However, the company reports that it was able to develop an effective system of investing in cryptocurrencies based on its own platform. In the future, the trader is going to obtain licenses to trade and store online funds in other countries.