The Middle Eastern crypto exchange Rain obtains license for crypto brokerage and custody services in UAE
– Rain, a Middle Eastern crypto exchange backed by Coinbase, announced that its Abu Dhabi unit has secured a license to offer crypto brokerage and custody services in the UAE.
– The license allows Rain to offer institutional and limited retail clients in the UAE services to buy, sell, and store their virtual assets.
– Rain’s co-founder, Yehia Badawy, stated that the license enables the exchange to open a bank account in the UAE and allows clients in the region to fund their accounts using a local payment network.
– The license also attracts local asset managers who have been hesitant to work with crypto firms without domestic operating licenses.
– The UAE is becoming an attractive destination for crypto firms due to its pro-crypto stance and policies, with Binance and Gemini also considering expansion in the region.
Hot Take: UAE’s crypto-friendly environment and regulatory clarity attract global exchanges
The UAE’s supportive regulatory framework and pro-crypto stance have positioned it as an appealing destination for crypto exchanges looking to expand their services. Rain’s acquisition of a license to offer crypto brokerage and custody services in the UAE is a significant milestone for the company, allowing it to tap into the growing demand from institutional investors in the region. With Binance and Gemini also considering moves to the UAE, it is clear that the country’s forward-thinking approach to crypto regulation is attracting global exchanges. The UAE has the potential to become a hub for the crypto market in Africa, Asia, and the Middle East, offering a secure and regulated environment for investors and businesses alike.
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