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Dubai issues license to Gold trader Regal RA to trade in Bitcoin and cryptocurrencies

Mohan Pratap

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DMCC first Regal licensee cryptocurrency
Source: Pixabay

Dubai Multi Commodities Centre (DMCC), a government-initiated department to promote trade and commerce in Dubai issued the first of its kind, cryptocurrency trading license to the Dubai based gold trader Regal RA DMCC, a subsidiary of Regal Assets Inc.

It started in the year 2002 and is currently the fastest growing zero tax zone in the UAE. A whopping 14,100 companies and startups call DMCC as their headquarters and it provides employment to approximately 90,000 professionals.

The free economic zone started issuing licenses to cryptocurrency firms to expand its spectrum. Its executive director for commodities, Sanjeev Dutta said that they are encouraging new business to use cryptocurrencies. He also says,

“To me, what is important is the fact that you are still evaluating it as part of your innovation strategy…… you are exploring, so you are clearly ahead of the others when the time to make a decision comes.”

Ahmed Bashir, a blockchain developer working out of Dubai says,

“Japan and now UAE is another country that is being open to the blockchain and cryptocurrency world. Great things to come. I think we will very soon see heavy investments coming out of UAE nations”

DMCC is a member of the global blockchain council, announced by Dubai Future Foundation to discuss the current and future applications of blockchain technology. The council has a total of 42 organizations as its members.

The Centre’s Director of innovation hub, Franco Bosoni, says,

“DMCC’s view is that these [virtual currencies] meet the test of a commodity. They’re priced based on supply and demand, produced and sold globally at a uniform quality and (are) indistinguishable between products.”

Regal assets acquired its license to start cryptocurrency operations in DMCC. The company added cryptocurrency services to their list in the last leg of 2017 and claims to provide brokerage, high-security storage solutions to Bitcoin, Ether, Bitcoin Cash, Ethereum Classic, Ripple, and Dash.

DMCC’s executive chairman Ahmed Bin Sulayem says,

“At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers”



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Mohan Pratap is a contributing News writer at AMBCrypto. He is an Engineering graduate with an acute curiosity to unravel Blockchain and technology-related stories. Mohan currently does not hold any value in any cryptocurrency or its projects.

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Altcoins

Nano pumps up by 72% on a bearish day – another pump and dump?

Himanshu Kumar

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Nano shakes the cryptocurrency world
Source: Pixabay

Nano according to Nano Twitter fanatics is going to create a “digital revolution” in the cryptocurrency world. The price has gone up by 74.21% with a market cap of $2 billion and the current value of the coin at $15.18. A trade volume of around $500 million kicks Nano out of the traditional definition of a “pump and dump”

Nano started to rise right when Bitcoin and other cryptocurrencies have started to fall in the market and is back on the top 20 cryptocurrency list on coinmarketcap. This can be a result of the new upgrade done by Nano on 21st Feb with the users accepting the upgrade in a positive way

Nano, previously known as Raiblocks, a cryptocurrency that provides instant transactions with zero-fees and can be infinitely scalable. Nano even has its own wallet, Nano web wallet which allows the users to control their funds without having to download the ledger.

Kirpiloji, an investment advisor on Twitter, says,

“$nano laughing at people who were saying, nano is shit coin blab la blac some days ago. Thanks for selling your nano to us cheap.”

Amber Vespucci, another Twitterati who also took this huge change positively, says,

“I try to think that I know the inside track to all things in the $Nano world. But what’s happening now is just nuts. $500 million in trading volume the past few days. Bear alt market. I guess this is just the crypto world AH HA moment. It was bound to happen.”

Ruba Maser, a cryptocurrency investor from Berlin says,

“No one can even call it a ‘pump-and-dump’ today, the trading volume was close to $500 million”

There was a lot of skeptical cryptocurrency investors in the community who believe this drastic change in the price was just another pump and dump which was waiting to happen.

Rebecca Sheen, a portfolio manager at Boston Nugg Financials spoke to AMBCrypto and says,

“We have seen multiple pump-and-dump schemes in the past couple of months with certain token going up by a tremendous 200% and then crashing back down the same way. Yes, the market now seems in favour of Nano with its ‘zero-fees’ characteristics but only time will tell if it stays that way”

Satvinder Kumar, a Bitcoin investor from Chandigarh had a rather strong sentiment and says,

“Lol… another shitty coin. Stay away peeps. Wait for Bitcoin to drop again and then you will see Nano going back down the same way it rose. Good for people who invested early though, a lot of monies have been made”

The huge shift in the Nano world has created a buzz in the virtual currency world. This sudden change in the market, especially when coins like Bitcoin is falling down has made a lot of people curious about the market situation right now.

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Altcoins

Why Monero miners prefer hacking computers than mining it like Bitcoin?

Neil Kumar

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Monero Mining and computer Hacks
Source: MaxPixel

Many have considered Bitcoin and Monero a token with the same fundamentals. The usage and mining difference between Bitcoin and Monero has split the community into two with both tokens having hardcore supporters. Monero is meant to be more discrete, secretive and anonymous than Bitcoin and is the preferred token for payment on the dark web. With Monero no one will be able to tell your balance looking at your address on the blockchain.

Mining:

CPU mining in Bitcoin is absolutely useless, with the current Bitcoin price and difficulty, hardware costs, electricity costs and with a 100 TH/s of SHA-256 mining power you could probably be earning around $100 a day. This is an average earning, it would vary based on the electricity costs, cost of hardware acquisition and the pools you mine with.

Cloud mining boomed in December last year and January this year with the rising Bitcoin prices but tumbled to a 7-month-low when Bitcoin crashed down to under $6000 earlier this month.

Monero mining, on the other hand, can still be mined with the processing power of your home desktops. Monero has a 2 minute block time while Bitcoin’s block time takes an average of 10 minutes with around 6 blocks being generated in an hour. Monero’s mining algorithm was made in such a way that Bitcoin’s ASIC hash power won’t make much of a difference in mining Monero.

This meant that mining Monero was meant to be more of a casual mining activity using up your spare computing power of your home desktop giving you an added financial advantage.

Recent Cases:

  • Australian government were momentarily hacked by Monero miners by embedding a malware that mined Monero using the computing power of the systems. An analyst had later revealed that the total amount of Monero mined during the hack that lasted only a short time would have been only worth a 100 dollars.
  • Home automation threats with systems like Alexa and other home automation devices showing vulnerability in their security protocols which could have been manipulated to mine Monero.
  • Kaspersky Lab had earlier said that they found a malicious software that used Telegram was used to mine Monero.
  • Home computers in South America and all over Europe started seeing suspicious activity out of their home computers which were apparently software that were embedded with certain malware to mine Monero.
  • The most recent case of Microsoft Word and Explorer’s weak security update which left it vulnerable to attackers that wanted to use their computing power to mine Monero.

Vadim Benkov, a security expert at Maison Labs in Scottsdale says,

“We know only of so many cases that people bring up and which reaches the media. There would be so many computers right now all over the world which are mining Monero for hackers and people don’t even know it”

Ranjan Shah, an SEO expert and a cryptocurrency investor from Indore says,

“When computers and systems in the developed world like Europe and Australia are facing hacking issues, I’m sure in developing countries like India where most of our systems are outdated these cases would be very prevalent but no one would be even noticing”

The non-profitability of SHA-256 Bitcoin mining and the ease of mining Monero from home computers have made hackers look for innovative ways to embed malwares in the most commonly used softwares and attack vulnerabilities in the home or office systems to mine Monero. An updated system with the latest anti-virus software and frequent inspection of suspicious activities should be enough to keep hackers at bay.

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