Middle Eastern crypto exchange Rain has obtained approval from Abu Dhabi’s Financial Services Regulatory Authority to operate as a virtual asset brokerage and offer custody services in the United Arab Emirates (UAE).
With this license, Rain’s Abu Dhabi unit can now provide institutional and some retail clients in the UAE with the ability to buy, sell, and store virtual assets. This development allows Rain to open a bank account in the UAE and offer local payment network support.
Rain CEO Joseph Dallago stated, “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.”
Local asset managers, who were hesitant to work with crypto firms without a domestic license, will now feel more comfortable collaborating with Rain, given its regulatory approval.
The UAE is actively working to attract crypto firms and has been promoting the use of cryptocurrencies in various sectors to boost adoption and transaction volumes in the region.