A statement from the DMCC (Dubai Multi Commodities Centre) on February 13th said that it had issued the first license to a Middle East company for cryptocurrency trading and storage. Dubai is often considered the capital of international trade and technological innovation. The city is established as a Free Zone for commodities trading, but this will be the first time that crypto-commodities have been included.

Regal RA DMCC, a subsidiary of Regal Assets, a well-known Dubai gold trader, has a world-famous vault for gold storage in the DMCC building at the Jumeirah Lakes Towers. Regal\'s deep underground vault was built in 2009 for the secure storage of gold bullion and other assets, in partnership with security firm, Brink\'s Global Services.

Deemed one of the five most secure storage facilities in the world, and the primary facility in the Middle East, the cold storage facilities for cryptocurrencies will be located in an area of the vault with no network connection. All physical devices for the crypto trade will be fully insured against hacking, theft, and even natural disasters. The announcement may help to assuage fears about crypto risks after the Coincheck hacking debacle in January.

Currencies supported by Regal presently include Monero, Litecoin, Ripple and both forms of Bitcoin (BTC and BHC) and Ethereum (ETH and ETC).