Crypto exchange Rain has obtained a license to operate virtual asset brokerage and custody services in the UAE.
Crypto exchange Rain has obtained a license to operate virtual asset brokerage and custody services in the UAE.
The Growing Blockchain Industry: Rain Obtains License to Operate in the UAE
The blockchain industry continues to make significant strides in its adoption worldwide. This progress is exemplified by Rain, a cryptocurrency exchange that has recently obtained a license to operate a virtual asset brokerage and custody service in the United Arab Emirates (UAE). This achievement positions Rain as the first licensed retail exchange in the UAE.
Joseph Dallago, CEO and co-founder of Rain, expressed his excitement about this development on Twitter, stating, “Today, Rain is launching in the UAE, as the first licensed retail exchange. This is a 5-year effort, as we were one of the first exchanges to enquire about licensure back in 2018 when the ADGM released their virtual asset framework.” The licence granted to Rain’s Abu Dhabi-based unit enables the company to offer its services to institutional and retail clients in the UAE, providing them with the ability to buy, sell, and securely store virtual assets.
The decision to establish Rain in Abu Dhabi is strategic, given the region’s reputation as a crypto hub due to its clear regulations. The UAE has been actively creating an environment conducive to blockchain development, and Rain’s licensing showcases the country’s commitment to fostering innovation and growth in the blockchain industry.
Rain’s significant funding of $110 million in its Series B funding round exemplifies the growing interest and investment in the blockchain industry. The funding, which valued Rain at $500 million, positions the exchange to attract institutional clients and expand its services even further. One of Rain’s advantages is its backing by Coinbase, a prominent cryptocurrency exchange, which provides it with the necessary resources and expertise to thrive in the competitive landscape.
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Apart from obtaining the license, Rain’s operations in the UAE also come with other benefits. The company will be able to open a bank account within the UAE, simplifying financial transactions for their clients. Additionally, Rain’s clients will have the convenience of funding their own accounts, streamlining the process and making it more accessible for users.
The blockchain industry’s growth can also be seen in the efforts of Rain since its inception. Recognizing the potential of blockchain technology, Rain was among the first exchanges to explore the possibilities of licensure in the UAE. This dedication and perseverance reflect the visionary nature of the blockchain industry, where companies are willing to invest time and effort into navigating the regulatory landscape for long-term success.
Rain’s achievement in obtaining a license to operate in the UAE is an exciting milestone for the blockchain industry. It serves as a testament to the progress made in regulatory frameworks that are increasingly supporting and embracing the technology. As more companies like Rain continue to secure licenses and expand their services, the blockchain industry will undoubtedly experience further growth and adoption, unlocking the potential for transformative changes across various sectors around the globe.
Reference:
Crypto exchange Rain has obtained a license to operate a virtual asset brokerage and custody service for its clients in the United Arab Emirates. (Jack Schickler contributed to reporting. Edited by Sheldon Reback)
