Dubai trader gets first cryptocurrency license in the Middle East

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A precious metal trading company, Regal RA DMCC, has become the first to attain a license to trade in cryptocurrencies in the Middle East, according to the Dubai Multi Commodities Centre.

The company said in a statement that they will offer storage for bitcoin, Ethereum and other cryptocurrencies in a vault in their headquarters in Dubai, Bloomberg reported.

“We have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum and other crypto-commodities,” Tyler Gallagher, the CEO of the parent company of Regal RA, said in the statement.

He added that cryptocurrency investors are reluctant to store large amount s of their virtual currencies because of high risks of identity theft and hacking, according to Bloomberg.

“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 executive chairman of DMCC, Ahmed Bin Sulayem, said in the statement. “The announcement today embodies this approach.”

The company announced that it is also working on creating an online virtual currency trading platform. They plan to apply for trading licenses around the world.

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