Bahrain-headquartered crypto exchange Rain has obtained a license in Abu Dhabi, the capital of the United Arab Emirates (UAE), from the region's Financial Services Regulatory Authority. The approval will allow the company to offer its virtual asset brokerage and custody services to users in Abu Dhabi in compliance with local regulations. The firm will target retail and institutional clients in the region, allowing them to buy, sell, and store their digital assets. - The platform will also support the dirham, the official currency of the UAE.
- The permission followed an in-principle approval from the Abu Dhabi Global Market (ADGM) to Rain in 2022.
- Rain defines itself as a platform offering the simplest way to trade cryptocurrencies across the Middle East.
The UAE has become an attraction point for crypto firms over the last several months, as leading platforms, including Crypto.com, OKX, and Binance, showed efforts to register with the local market regulators. - Crypto exchanges Bybit and Bitget recently opened offices in Dubai, the most populated emirate of the UAE, as part of their plans to strengthen their positions in the Middle East.
- In May, the largest U.S. crypto exchange, Coinbase's executive team, also visited the UAE for regional strategic development. At the time, CEO Brian Armstrong praised the country for the first dedicated crypto regulator in the world, a clear rule book, strong customer protections, and a business-friendly approach.
|
