Rain Receives First Financial Services Permission in UAE
Rain, a crypto exchange based in Bahrain, has announced that it has received the first Financial Services Permission (FSP) from Abu Dhabi Global Market’s Financial Services Regulatory Authority. This license will allow Rain to operate a virtual assets brokerage and custody service in the UAE. As a result, both institutional and retail clients in the UAE will have the ability to buy, sell, and store digital assets. Additionally, the brokerage will offer users the ability to convert to and from the UAE dirham.
Key Points:
– Rain has become the first licensed retail exchange in the UAE.
– The company has been working towards obtaining this license for five years, having inquired about licensure in 2018.
– UAE residents will be able to fund their Rain accounts quickly due to a partnership with a local UAE bank.
– Customers will benefit from the supervision of a local regulator and a comprehensive legal framework.
– Other prominent crypto exchanges, such as Coinbase and Gemini, have also expressed interest in operating in the UAE.
Hot Take
The approval of Rain’s license marks a significant step forward for the crypto industry in the UAE. With the ability to offer brokerage and custody services, Rain can now cater to institutional and retail clients, providing them with a secure and regulated platform to trade and store digital assets. This development further establishes the UAE as a growing hub for crypto activity, attracting the attention of major players in the industry. As more exchanges set their sights on the UAE, we can expect increased competition and innovation in the region’s crypto market.
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