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Abu Dhabi grants Rain permit for virtual assets brokerage, custody services

Abu Dhabi grants Rain permit for virtual assets brokerage, custody services

BlockworksBlockworks1970/01/20 13:31
By:Katherine Ross

The crypto landscape in the emirate has changed dramatically since Rain initially met with regulators in 2018

Abu Dhabi’s Financial Services Regulatory Authority granted Rain a Financial Services Permission on Tuesday.

The Bahrain-based crypto company is the first to receive a license to operate as a “regulated brokerage and storage services,” for some retail investors as well as institutions, according to a tweet from the company.

Rain added via Twitter thread, “This permit allows us to usher in a new era for the adoption of virtual assets in the region, as the company will be able, through this permit, to provide services for the purchase, sale and storage of virtual assets to customers, including institutions and a number of individual customers in the United Arab Emirates.”

يتيح هذا التصريح الدخول في حقبة جديدة لتبني الاصول الافتراضية في المنطقة، حيث ستتمكن الشركة من خلال هذا التصريح تقديم خدمات شراء الأصول الافتراضية وبيعها وتخزينها للعملاء ومنهم  المؤسسات وعدد من العملاء الافراد في الإمارات العربية المتحدة.

— Rain (@rain)

CEO Joseph Dellago added some clarity to what this license means for Rain customers. Dellago said “residents will now be able to fund their accounts in minutes” and alluded to a ” partnership with a local UAE bank.”

What does this mean for customers? UAE residents will now be able to fund their accounts in minutes, thanks to a partnership with a local UAE bank. Furthermore, customers are further protected through the supervision of a local regulator and thorough legal framework.

— Joseph Dallago (@_jayd3e)

Rain did not immediately respond to a request for comment.

Yehia Badawy, Rain’s cofounder, said that Rain initially met with regulators in 2018.

منذ خمس سنوات، قابلنا سلطة تنظيم الخدمات المالية في سوق ابو ظبي العالمي. يسعدنا اليوم الإعلان عن حصول علي تصريح الخدمات المالية

— Yehia | يحي (@YehiaBadawy)

Abu Dhabi Global Market rolled out a crypto framework back in 2018. At the time, the ADGM said the regulatory framework showed its “ongoing commitment to bolster the economic diversification of Abu Dhabi through innovation and sustainable initiatives.”

In 2021, ADGM’s Shorafa Al Hammadi told Blookworks, “ […] is working together to make it easy for all the actors of that space, to not only attract them but bring them here, to develop the legal framework.”

in Abu Dhabi in 2022, but the exchange shuttered its office there in February of this year.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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