Dubai's First Bitcoin Trader to get license

[HasHe]

Dubai gold trader Regal RA has been issued the first licence by DMCC(Dubai Multi Commodities Centre) to trade crypto currencies.The company would offer storage of Bitcoin,ethereum and other crypto currencies in a vault in DMCC headquarters.It should be noted that DMCC has termed these crypto currencies as commodities.

        https://kryptomoney.com/dubai-issues-licesne-to-cryptocurrency-firms/

[SuperD007]

Interesting indeed...thanks for sharing.

 I know that Xapo also has some sort of vault storage system for Bitcoin/Crypto assets. Not sure how it works or anything but I think these sort of services will start mushrooming from everyone soon. 

[rayk]

Thanks for sharing, Dubai is developing in this industry and they are aware of its potential, regulations are different issue, it will eventually be used in every country.

[charlotte04]

Dubai gold trader Regal RA has been issued the first licence by DMCC(Dubai Multi Commodities Centre) to trade crypto currencies.The company would offer storage of Bitcoin,ethereum and other crypto currencies in a vault in DMCC headquarters.It should be noted that DMCC has termed these crypto currencies as commodities.

        https://kryptomoney.com/dubai-issues-licesne-to-cryptocurrency-firms/

That would be awesome that one of the biggest place in the world would adapt Bitcoin now. It will highly bring a good era for cryptos now.

[barneystinson]

Dubai gold trader Regal RA has been issued the first licence by DMCC(Dubai Multi Commodities Centre) to trade crypto currencies.The company would offer storage of Bitcoin,ethereum and other crypto currencies in a vault in DMCC headquarters.It should be noted that DMCC has termed these crypto currencies as commodities.

        https://kryptomoney.com/dubai-issues-licesne-to-cryptocurrency-firms/

If this would be the case then what would be the requirements to be a certified crypto trader? Does Dubai have a regulation law regarding crypto currency already?
Net, this is still a good move from the Dubai government. Hopefully this would be adapted in more countries in ASIA. As they are the leader in market cap in crypto currency.

[pooya87]

i still don't understand who in his right mind would want a "vault storage" for storing their bitcoins when you can very easily store bitcoin yourself in a much safer way!
usually when you choose a "vault" it is to store something that you can not store in the same manner. for example storing your cash in a bank account because keeping it at home is dangerous. but with bitcoin there are lots of options for cold storage which is even more secure than a vault with a third party.

[kaya11]

i still don't understand who in his right mind would want a "vault storage" for storing their bitcoins when you can very easily store bitcoin yourself in a much safer way!
usually when you choose a "vault" it is to store something that you can not store in the same manner. for example storing your cash in a bank account because keeping it at home is dangerous. but with bitcoin there are lots of options for cold storage which is even more secure than a vault with a third party.

It's his decision to make, they have the resources and it doesn't even bother us. Of course we have our own ideas and you had expressed yours. I guess the person is tightening the security for his assets. We can't barely say Bitcoin is different from cash as it is very expensive now and malicious elements might get interested on it and might put our lives at stake as well when the knew we held it somewhere in our hands or house.

Storing in vaults as you say is to store something that might be dangerous to put at home or in our own hands, like volumes of cash or even gold. So what is there to store greater values of bitcoin in a vault storage and also store in a cold wallet at the same time? I have also thought about this matter if I ever had 10k's of Bitcoins and more.

[pooya87]

~ So what is there to store greater values of bitcoin in a vault storage and also store in a cold wallet at the same time?

the difference is that storing your bitcoin with them, means relying on a third party. and if i am not mistaken their vault is in a way that you do NOT control the private keys. they know how much you own and you have to go through them to get your bitcoins.

a cold storage on your own means simply storing something like this:

Code:

VTJGc2RHVmtYMS9YbmZvWWswV3RXc25ZK0dyVWxMNnREQk9RaXJOa1Naai83TERvMndKbjQ1alYvSzhXSnNwagptYndUbHc5Q3lERk9ac0dOdXI5bHE1TGFOS0QwR3JvZTNhTVhxeTNyekxwSWwrOUJJenlROHc9PQ==

which for all you know can contain millions of dollar worth of bitcoin in it.

* that is an Electrum seed phrase encrypted with AES-256 CBC with no padding using "b4746d5e8a4c2ccd1f3f2c594fa0c10c" as password.
#enjoy

[mahilchii]

Yep, this is a good news for Bitcoin fans but still not a convincing news for Bitcoin users because we don't know how this trader save our Bitcoin. May be he use our Bitcoin for exchange face to face instead of wallet exchanges I think.