Regal RA DMCC, a gold investment and trading firm in Dubai, is the first company in the Middle East to receive a license to trade cryptocurrencies, the Dubai Multi Commodities Centre said.
The company said it launched the world's first "deep cold storage" solution, which allows investors and traders to store their digital currencies - bitcoin, ethereum and other altcoins - in a vault located in Dubai's Almas Tower, the headquarters of free zone DMCC.
"We have developed what we believe is the number one most secure way of investing in bitcoin, ethereum and other crypto-commodities," Tyler Gallagher, chief executive of Regal Assets, which owns Regal RA, said in a statement on Tuesday.
The vault at DMCC is one of the most secure precious metal facilities in the world and will store all crypto investments in a physical form – without connection to a network – alongside the company’s current stock of physical gold.
Investors globally are seeing the potential in digital currencies, however, they are "reluctant to store large amounts of coins in online wallets and exchanges due to the high risk of hacking, identity theft, malware and other issues that can literally obliterate an investment", Mr Gallagher noted.
Last month, hackers stole about $530m worth of cryptocurrency from the Coincheck exchange in Japan - one of the biggest such heists ever. However, all the physical devices in Dubai are fully insured for the crypto-commodities market value against theft, hacking or natural disaster.
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"This is a necessity more than us being creative. We have taken the approach of not putting at risk our money as well as our customers' money," Ksenia Kiseleva, Regal RA manager of the firm's Dubai office told The National. "We take that [online fraud] possibility out of the equation by offering the cold storage facility. It just put minds at ease.."
The Regal RA is already working on a crypto-commodities trading platform in Dubai, which is a work in progress and is subject to a regulatory framework being in place. The company also wants to expand its cryptocurrencies offerings to other markets in the world, she added.
The meteoric rise and volatile trading of cryptocurrencies such as bitcoin have kept investors spell bound. There are many in support of these currencies as a legitimate asset class while others have out rightly dismissed them. Billionaire investor Warren Buffet termed it as a bubble waiting to burst while the World Bank’s president Jim Yong Kim compared them to illegitimate “Ponzi schemes”. Others have expressed concerns about the lack of regulation and use of the digital currency by crime syndicates and money launderers.
Still, cryptocurrencies are gaining a foothold as a mainstream tender across markets as more and more companies offer goods and services in exchange for them.
The Isle of Man-headquartered Knox Group is one example of such firms. The company in September said it will launch a £250m (Dh1.19 billion) residential and commercial property project in Dubai, with residences that can be purchased in bitcoin. The 2.4 million-square-foot property venture called Aston Plaza and Residences, will be the first major real estate development that will accept cryptocurrency as payment, it said at the time.
Tenants, landlords and property investors, however, have reservations about the use of cryptocurrencies in real estate transactions, according to a February survey of Bayut.com, which found only 3 per cent of those polled by the Dubai property portal were interested in using a digital currency to buy, sell or rent property.
Ridiculed in its early days, bitcoin hit the high of nearly $20,000 last year, however, it has plunged to below $9,000 in extreme volatile trading earlier this month.
The trading of digital currencies in the UAE has yet to receive the seal of approval from market regulators. The Central Bank of the UAE issued a warning last October, reminding investors that no licence was issued for digital currencies in the country, and the regulator itself is not involved in supervising them.
Ms Kiseleva said Dubai and the UAE have an interest in crypto-commodities like anywhere else, but caution needs to be applied. The only way for crypto-commodities to thrive and flourish in the region or anywhere else in the world, is to have more regulation, full compliance and disclosures.
"We are working together with the DMCC to create parameters [for crypto-commodities] and allow crypto-commodities, to be able to exist at a regulated level," she said. "We can already see the industry accepting crypto-commodities if they are not anonymous and not used as form of payment."
On Sunday, the regulatory arm of the Abu Dhabi Global Market, the emirate's financial centre said it is considering a governing framework to supervise virtual currency exchanges and is in consultations with industry participants to chalk it out.
The Financial Services Regulatory Authority however, echoed concerns highlighted by the UAE's Securities and Commodities Authority last week. The country's markets regulator issued a warning to investors against using initial coin offerings amid a sharp decline in the value of cryptocurrencies.
The SCA warned investors against any fundraising done through cryptocurrencies, be it ICOs, initial token offerings, token pre-sale or token crowd-sale, it said in a statement on its website.
ICOs are used by companies to raise funds whereby a company sells shares to the public in a fiat currency and lists it on a stock exchange. Many regulators around the world have issued warnings to investors after instances of fraud in the ICO market. In 2017, some $6bn was raised in ICOs, according to Cointelegraph, a cryptocurrency news website.
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Killing of Qassem Suleimani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Read more from Mina Al-Oraibi
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UAE currency: the story behind the money in your pockets
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
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Bob%20Marley%3A%20One%20Love
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Reinaldo%20Marcus%20Green%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EKingsley%20Ben-Adir%2C%20Lashana%20Lynch%2C%20James%20Norton%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%C2%A02%2F5%3C%2Fp%3E%0A
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
UAE currency: the story behind the money in your pockets
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
UAE currency: the story behind the money in your pockets
