Dubai issuing license to cryptocurrency companies

Dubai has started issuing licenses to firms involved in trading cryptocurrencies. 

With this, the digital coin trading has advanced further within legal process in free economic zone in the UAE, where people enjoy zero percent personal and corporate income tax.

Regal RA DMCC, a gold trading company, has obtained license first to run cryptocurrency trading in the Middle East.

As a government entity established in 2002 to enhance commodity trade flows through Dubai, it has recently offered services.

The company will be able to store all sorts of cryptocurrencies, including Bitcoin and Ethereum, in a vault located in DMCC headquarters in Almas Tower in Dubai, according to a DMCC statement.

More companies are expected to such license very soon in Dubai.