• Tue. Feb 27th, 2024

Abu Dhabi regulator allows trading firm Rain to provide crypto services

Abu Dhabi regulator allows trading firm Rain to provide crypto services

The Abu Dhabi Global Market Financial Services Regulatory Authority has granted financial services approval to cryptocurrency firm Rain to provide brokerage and custody services to residents.

In a notice dated July 25, Rain Said The regulatory approval will allow certain institutional and retail users based in the United Arab Emirates to “buy, sell, trade and store virtual assets” through the platform. According to Rain CEO Joseph Dallago, there is also the trading firm Become a partner with a local bank to facilitate services “under the supervision of a local regulator and a comprehensive legal framework for consumer protection”.

“It’s been a 5-year effort because we were one of the first exchanges to inquire about a license when ADGM released their Virtual Asset Framework in 2018,” Dallago said.

Related: The UAE is emerging as a favored center for Bitcoin mining in the Middle East

In November 2022, crypto exchange Binance received similar regulatory approval in Abu Dhabi, following approval in principle from the financial watchdog in April. The green light came in the midst of a major crypto market crash and the collapse of several major institutions, including FTX. CEO Changpeng Zhao was attending Abu Dhabi Finance Week at the time of the approval.

Based in Bahrain, the platform mainly focuses on offering crypto services across the Middle East and Turkey, according to Rain’s website. Although Maza and Binance have been approved by the Abu Dhabi Global Market Financial Services Regulatory Authority, the Dubai Virtual Asset Regulatory Authority issued a notice to the executives of digital asset platform OpenExchange in May and suspended the license of BitOasis in July.

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