Cryptocurrency exchange platform Rain has been granted Financial Services Permission (FSP) by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) in order to operate a regulated virtual assets brokerage and custody service in the ADGM.
The FSP will cement Rain’s position as one of the leading regulated virtual assets trading platforms in the region.
According to the statement, “Its affiliate, Rain Management, based in Bahrain, became the first licensed virtual assets service provider in the Middle East in 2019 and is regulated by the Central Bank of Bahrain.”
Rain ADGM will offer institutional and several retail clients in the UAE the ability to buy, sell and store virtual assets, in addition to having a seamless fiat-to-virtual asset onramp in AED. Rain has established itself across the Middle East and Turkey as a trusted and secure platform through the fundamental belief in the regulation of the virtual assets industry.
Mr. Joseph Dallago, Chief Executive Officer of Rain, said that, “This achievement represents a significant milestone not just for Rain, but for the entire virtual assets industry. 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. Furthermore, Rain now offers the only regulated on-ramp and off-ramp of AED into virtual assets in the UAE.”
ADGM became the global pioneer in adopting virtual assets regulation by developing the first virtual assets regulatory framework in 2018 and is a leading global hub and business platform for virtual asset activities for local, regional, and international firms. ADGM’s virtual assets framework is globally recognized as being one of the largest regulated jurisdictions of virtual assets in the MENA region.
“We welcome Rain to ADGM’s rapidly growing international virtual asset community further affirming ADGM’s role as an International Financial Centre and facilitator for business growth,” commented Mr. Arvind Ramamurthy, Chief of Market Development at ADGM.