"Cold storage" for crypto opens in Dubai

Gold trader Regal Assets gets crypto trading license

by Viko
14 February • 1.5 min
In News

Regal RA DMCC, a subsidiary of gold investment company Regal Assets Inc., launched on Tuesday a “deep cold storage” solution for crypto investors in Dubai, the world’s first of its kind “vault” in which Bitcoin, Ethereum and other cryptocurrencies can be stored safely.

The news was announced in a statement by Dubai Multi Commodities Center (DMCC), which also said it has granted Regal RA DMCC the Middle East’s first license to trade in cryptocurrencies.

“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.

Regal RA DMCC has an ambitious strategy, including applying for crypto licenses in other countries and developing an online trading platform, according to manager Ksenia Kiseleva, quoted by Bloomberg.

The vault has a striking title – “one of the most secure precious metal facilities in the world” and is located in Almas Towers in Dubai. According to the company, investors’ crypto fortune will be well protected against natural disasters and hacking attacks.

The main advantage of the so-called cold storage (hardware wallet that is kept offline) is avoiding any possible outside interference.

Earlier in February, Abu Dhabi’s financial watchdog said it is working on regulations for cryptocurrencies, ICOs and crypto exchanges, which are not regulated throughout the UAE.

In October 2017, Dubai said it would launch its own government-backed coin, called emCash.