Rain Acquires Abu Dhabi’s Financial Services Permission

Rain will now be the only place in the UAE where AED can be put into and taken out of virtual assets in a safe way.

Rain, a cryptocurrency exchange based in Bahrain, said that it had received the first Financial Services Permission (FSP) from Abu Dhabi Global Market’s Financial Services Regulatory Authority to run a brokerage and safekeeping service for virtual assets.

With the license, Rain would be able to help clients in the UAE buy, sell, and keep digital assets. This would be possible for both institutions and regular people. Users will also be able to get on and off the UAE dirham through the exchange.

Joseph Dallago, co-founder and CEO of Rain, made the news public by saying,

“Today, Rain is launching in the UAE, as the first licensed retail exchange. This is a 5-year effort, as we were one of the first exchanges to enquire about licensure back in 2018 when the ADGM released their virtual asset framework.”

Dallago also said that because of a relationship with a local UAE bank, people who live in the UAE will now be able to add money to their accounts in just a few minutes.

The executive also said that the customers will be safe because of a local authority and a strict set of laws.
In recent months, a number of well-known crypto platforms have moved to the UAE as uncertainty in the US has grown.

In May, Coinbase said that it was thinking about the country in West Asia as a possible strategic hub for its foreign operations.

Gemini, which is run by the Winklevoss twins, just announced that it has started the process of getting a crypto license so it can serve customers in the UAE as part of its plans to grow globally.