Rain Obtains License to Operate Virtual Asset Brokerage and Custody Service in UAE
Rain, a crypto exchange based in Bahrain, has announced that it has obtained a license to operate a virtual asset brokerage and custody service for its clients in the United Arab Emirates (UAE). This makes Rain the first licensed retail exchange in the UAE. The license, granted by the Abu Dhabi Global Market (ADGM), allows Rain’s Abu Dhabi-based entity to offer institutional clients and some retail clients in the UAE the ability to buy, sell, and store virtual assets.
Key Points:
– Rain has become the first licensed retail exchange in the UAE.
– The license allows Rain to offer virtual asset brokerage and custody services to institutional and select retail clients.
– Abu Dhabi’s clear regulations have made it a crypto hub.
– Rain is backed by crypto exchange Coinbase.
– The company raised $110 million in a Series B funding round last year.
Rain’s CEO and co-founder, Joseph Dallago, expressed his excitement about the launch in a tweet, highlighting that this has been a 5-year effort for the company. The license will not only allow Rain to attract institutional clients but also enable them to open a bank account in the UAE and fund their own accounts. This development is expected to further strengthen Abu Dhabi’s position as a major player in the crypto industry.
Hot Take:
Rain’s licensing as the first retail exchange in the UAE is a significant milestone for the company and the crypto industry as a whole. It not only demonstrates the growing acceptance and recognition of virtual assets but also paves the way for increased institutional adoption. With Abu Dhabi’s clear regulations and Rain’s association with Coinbase, the company is well-positioned to capitalize on the growing demand for crypto services in the region.
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