Middle Eastern crypto exchange, Rain, has secured a significant regulatory approval from Abu Dhabi’s Financial Services Regulatory Authority. With this development, Rain has been granted the first-ever Financial Services Permission (FSP) in the Abu Dhabi Global Market, enabling it to operate as a virtual asset brokerage and offer custody services in the United Arab Emirates (UAE).
Rain Trading Limited (Rain ADGM) has been granted the first Financial Services Permission (FSP) by Abu Dhabi Global Market’s Financial Services Regulatory Authority to operate a virtual assets brokerage and custody service. pic.twitter.com/EyxCj4HbNy
— Rain (@rain) July 25, 2023
A Major Milestone for Rain
Rain Trading Limited (Rain ADGM) can now extend its services to institutional and some retail clients in the UAE, providing them with the capability to buy, sell, and store virtual assets. This crucial approval also empowers Rain to establish a bank account within the UAE and offer local payment network support.
Rain’s CEO, Joseph Dallago, expressed excitement about the new opportunities this license presents. He emphasized that the approval enhances their customers’ confidence in the platform’s security and reliability, solidifying Rain’s position as a driver of innovation and growth in the virtual assets space. Moreover, Rain has positioned itself as the sole regulated on-ramp and off-ramp for converting AED into virtual assets in the UAE.
Fostering Confidence Amongst Local Asset Managers
The regulatory approval is a game-changer for Rain as it addresses the concerns of local asset managers who were previously hesitant to collaborate with crypto firms without a domestic license. With this authorization, Rain has now earned a seal of trust, making it more appealing for asset managers to engage with the exchange and leverage its services.
This move aligns with the UAE’s active efforts to attract crypto-focused businesses and promote the adoption of cryptocurrencies in various sectors. By fostering a supportive environment for crypto firms, the UAE aims to boost adoption rates and transaction volumes in the region.
Embracing Crypto in the UAE
The United Arab Emirates has been proactive in embracing blockchain technology and cryptocurrencies, recognizing their potential to revolutionize various industries. Government initiatives and supportive regulations have contributed to the growth of the crypto ecosystem within the country.
The recent approval for Rain is a significant step towards bolstering the credibility and legitimacy of virtual asset services in the UAE. As the adoption of cryptocurrencies gains momentum globally, the UAE is keen to position itself as a hub for crypto innovation and financial technology.
A Bright Future Ahead
With its regulatory green light, Rain is now in a favorable position to expand its operations and provide a more comprehensive suite of services to its growing customer base. The crypto exchange is poised to play a pivotal role in shaping the landscape of virtual assets in the UAE.
As the UAE continues to embrace the potential of blockchain and cryptocurrencies, the collaboration between traditional financial institutions and crypto companies like Rain will likely become more commonplace. This harmonious integration can drive economic growth and establish the UAE as a progressive player in the global digital economy.
Rain’s approval to operate as a virtual asset brokerage and offer custody services in the UAE marks a momentous achievement for the crypto exchange. With the support of regulatory authorities, Rain is well-positioned to serve its clients with enhanced security and trust. As the UAE’s crypto-friendly environment continues to evolve, Rain’s presence and growth in the region signify a promising future for the broader adoption of virtual assets and blockchain technology in the Middle East.