A trader from Dubai received the first license in the Middle East to trade and store cryptocurrencies.
Regal RA DMCC, a Dubai-based company, is the first Middle East trader to be licensed to trade cryptocurrencies.
Licensed by the Dubai Multipurpose Commodity Exchange (DMCC), it allows Regal RA to purchase, sell and store a number of cryptocurrencies such as Bitcoin, Ethereum and Ripple, as well as lesser-known altcoins such as Neo and Stellar Lumens.
"People who invest in cryptocurrencies are reluctant to store large amounts of funds in online wallets and exchanges, fearing the risk of hacking, theft and malware," said Tyler Gallagher, head of Regal Assets.
"What we offer, in our opinion, is the most reliable way to invest in Bitcoin, Ethereum and other cryptocurrencies."
"Regal RA works on an online trading platform for cryptocurrencies," said Ksenia Kiseleva, the manager of the company's office in Dubai. “We view cryptocurrency as a commodity rather than a payment method,” Ksenia emphasized. “Today we are seeing a demand for these assets both in the UAE and throughout the world as a whole.”
At the moment, the company’s service is an “over-the-counter” service, similar in principle to the sale and purchase of gold. Customers need to create an account, pass an audit of the Anti-Money Laundering Service, and confirm the source of income.
After which they can purchase cryptocurrency or altcoins, transfer them to a special wallet for storage, where they will remain until the client wants to sell them. This service will be in demand by people with a large stock of cryptocurrencies who have decided to place it for a long time.
“We believe in cryptocurrency and want the activities related to its circulation to be controlled, this will help eliminate the so-called“ dark sides. ”Regulation of this industry is extremely important, because there are so many hackers and scammers. We want our customers could safely and with full confidence buy or sell cryptocurrencies, "said Ms. Kiseleva.
According to Ksenia, Regal will seek to obtain trade licenses in other countries.
Recall that Regal Assets was founded in 2009, the company is headquartered in Waco, Texas.
