The financial regulator in Abu Dhabi recently authorized crypto firm Rain to function as a virtual asset brokerage and custody service provider. After receiving an in-principle clearance for an FSP from Abu Dhabi Global Markets back in 2022, the platform received financial services authorization from the Abu Dhabi Financial Services Regulatory Authority on Tuesday.
Abu Dhabi Approves Crypto Firm Rain for Virtual Asset Brokerage
The ability to buy, sell, and store virtual assets for institutional and retail clients in the United Arab Emirates (UAE) is now possible thanks to this key milestone for Rain. The technology also enables simple on- and off-ramps for the UAE dirham for users.
Importance of this Development for Rain and Abu Dhabi
Rain positions itself as the Middle East’s most straightforward cryptocurrency trading platform.
With this license, we can now offer our customers an even greater level of security and trust, as we continue to drive innovation and growth in the virtual assets space. Rain now offers the only regulated on-ramp and off-ramp of AED into virtual assets in the UAE.
Joseph Dallago, Rain CEO
This breakthrough is vital for Abu Dhabi’s digital asset ecosystem as well as for Rain.
With the inclusion of companies like Rain, we are continuously trying to add value to Abu Dhabi’s digital asset ecosystem. This is while also supporting the diversification of our flourishing economy.
Arvind Ramamurthy, Chief Of Market Development At ADGM
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