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December 18, 2017 | 11:00 | Dubai
Global interest in Bitcoin trading is being felt in the world of UAE personal finance, as those looking at investment options for 2018 seek guidance on cryptocurrency.
But with no regulation in the sector, it is not possible for a UAE resident make Bitcoin part of their investment portfolio in the same way they would when buying currency or shares through their personal finance advisor.
In reaction to this Holborn Assets, who have offices in Dubai and Abu Dhabi, are taking steps to introduce independent seminars for clients in the first quarter of next year.
Riyad Adamou, Chief Commercial Officer at Holborn Assets, said: “The global headlines around cryptocurrency, and Bitcoin in particular, have seen a surge in enquiries from our clients and members of the public in the UAE wanting to know how, and if they too should be investing.
“Due to the unregulated nature of cryptocurrencies, as is the case with almost all other financial firms, we are not presently able to offer specific investment advice or facilitate the allocation of funds. It is for that reason that we have set the wheels in motion to bring in independent experts to present a number of educational seminars.
“The seminars will be available to both Holborn clients and members of the general public alike, and will be aimed at clarifying the cryptocurrency markets and the underlying block chain technology, allowing them to draw their own conclusions and make a more informed decision before investing.
“We believe this shows the commitment we have to providing all associated with Holborn Assets the very latest information on the financial markets.”
The majority of people in the UAE buying Bitcoin are doing so through an online portal, which they are then able to control through an App on their phone or laptop.
With the recent surge in the cost of Bitcoin, there are many who will have a made a sizeable profit from an investment. But the portals all come with a clear warning that as Bitcoin is not regulated it comes with a much higher risk than other investments.