Rain Granted Permission to Operate as a Virtual Asset Brokerage and Custody Service Provider
Crypto firm Rain has been granted permission by Abu Dhabi’s financial regulator to operate as a virtual asset brokerage and custody service provider. This allows Rain to offer institutional and retail clients in the UAE the ability to buy, sell, and store virtual assets. Users will also be able to on- and off-ramp to the UAE dirham through the platform.
Key Points:
- Rain has received financial services permission from Abu Dhabi’s Financial Services Regulatory Authority.
- The company can now offer customers a higher level of security and trust.
- Rain is the only regulated on- and off-ramp of AED into virtual assets in the UAE.
- The platform received in-principle approval for an FSP from the Abu Dhabi Global Market in 2022.
- Rain aims to simplify crypto trading across the Middle East.
“With the inclusion of companies like Rain, we are continuously trying to add value to Abu Dhabi’s digital asset ecosystem,” said Arvind Ramamurthy, Chief of Market Development at ADGM. “This is while also supporting the diversification of our flourishing economy.”
Hot Take:
The approval granted to Rain is a significant step towards the development of a robust digital asset ecosystem in Abu Dhabi. By providing regulated brokerage and custody services, Rain offers a secure and trusted platform for users to engage in virtual asset trading. This not only enhances the options available to institutional and retail clients in the UAE but also reinforces the region’s commitment to fostering innovation and growth in the crypto space.
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