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Middle East No Place For Middleman: Latest Evidence Of Cryptocurrency Adoption Comes Via Dubai, Israel

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The cryptocurrency movement continues to gain momentum in the Middle East, with the latest milestone coming out of Dubai on Wednesday, where a cryptocurrency trading license was granted; representing the first such occurrence for not just Dubai, but the entire Middle Eastern region. This promising news followed a much-awaited update that came last week from regarding their two ground-breaking tokens that have been designed for the Israeli Diamond Exchange (IDE).

Starting with today’s news, Dubai-based gold trader Regal RA DMCC officially became the first company in the Middle East to be granted a license to trade cryptocurrencies, according to the Dubai Multi Commodities Centre (DMCC).

Regal RA has traded gold bullion since 2016. Now, as per the CEO of the parent company (Regal Assets), they are set to offer “the number one most secure way of investing in Bitcoin (BTC), Ethereum (ETH), and other crypto-commodities.” The DMCC – which is the fastest and largest growing Free Zone in the UAE – will be responsible for storing the crypto assets.

Way over on the other side of the Middle East in Israel, much-awaited details emerged just days ago that built upon September’s announcement that virtual currencies backed by diamonds were set to be created for the IDE – the world’s largest diamond exchange. Prompting this initiative from the oft-criticised exchange was the hope that the creation of digital tokens can help them shed their reputation of inefficiency and opaqueness. The nation’s Justice Ministry recently published a report that took issue with the amateurish protocols of the IDE, highlighting how transactions are “often carried out anonymously, with the shake of a hand and minimal documentation.”

We now know that, through a strategic alliance with the IDE, the platform is launching two ERC20 tokens: the CUT Private Token, and the CARAT Public Token. The former is available exclusively to diamond and jewellery dealers, whilst the latter is designed for both institutional and retail investors wishing to trade in diamond derivatives (i.e., never coming into contact with the precious gemstones themselves).

Just last week the Carats team launched the first-of-it’s-kind GDX diamond index on the exchange; this will form the basis of trading on the innovative platform when it launches in August. Also last week, the month-long presale phase for CUT begun. As for CARAT, the token generation event is scheduled to run through the month of April.

Image Via Shutterstock

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