Rain Receives Abu Dhabi Approval for Virtual Asset Brokerage

Key Points:

• Crypto firm Rain granted permission to operate as a virtual asset brokerage and custody service provider by Abu Dhabi’s financial regulator.
• Brokerage offers institutional and retail clients in the UAE the ability to buy, sell and store virtual assets.
• Rain offers the only regulated on-ramp and off-ramp of AED into virtual assets in the UAE.

Crypto firm Rain recently announced that it has been granted permission to operate as a virtual asset brokerage and custody service provider by Abu Dhabi’s financial regulator.

This is a significant milestone for Rain, as it will now be able to offer institutional and retail clients in the United Arab Emirates (UAE) the ability to buy, sell, and store virtual assets. The platform also allows users to easily on- and off-ramp to the UAE dirham.

The Abu Dhabi Financial Services Regulatory Authority granted financial services permission to Rain on Tuesday, after the cryptocurrency platform received an in-principle approval for an FSP from Abu Dhabi Global Market’s back in 2022.

Rain CEO Joseph Dallago expressed his excitement over the permission granted, stating, “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.”

Rain markets itself as “the simplest way to trade crypto across the Middle East.” This development is not only a significant achievement for Rain, but also for Abu Dhabi’s digital asset ecosystem. As chief of market development at ADGM, Arvind Ramamurthy, stated, “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.”

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