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Exchanging cryptocurrencies By gaining a license to provide a virtual asset brokerage and custody business for its clients in the United Arab Emirates (UAE), Rain has accomplished a key milestone. The Bahrain-based business made the announcement on Tuesday, making it the region’s first regulated retail exchange.
In a tweet, Rain’s CEO and co-founder Joseph Dallago shared his joy over the accomplishment and revealed that it had taken five years to complete. He stated that when the Abu Dhabi Global Market (ADGM) launched its virtual asset framework in 2018, Rain was among the first exchanges to enquire about license, demonstrating the company’s commitment to compliance and regulation.
With the recently gained license, Rain’s Abu Dhabi-based division will be able to provide institutional clients with the option to purchase, sell, and securely store virtual assets, as well as select retail clients in the UAE. This regulatory permission comes at a time when Abu Dhabi is regarded as a crypto center with clear laws that attract enterprises involved in the sector.
With the support of well-known cryptocurrency exchange Coinbase, Rain, the industry has advanced significantly. The business valued itself at $500 million last year after raising an outstanding $110 million in a Series B fundraising round. Attracting institutional clients and growing its service offering are now Rain’s main priorities.
Yehia Badawy, a co-founder of Rain, disclosed that the exchange will be allowed to create a bank account in the UAE thanks to the recently gained license. Customers will benefit from straightforward funding choices made possible by this, making it simple for them to begin their cryptocurrency trading experience.
For Rain and the region’s cryptocurrency business, acquiring a license to provide a brokerage and custody service for virtual assets in the UAE is a major victory. Because of the clear legislation in Abu Dhabi and Coinbase’s backing, Rain is well-positioned to draw additional customers, particularly institutional investors, and to help the cryptocurrency sector in the UAE expand.