Abu Dhabi regulator grants trading firm Rain permission to offer crypto services

10 months ago 66

The announcement followed crypto speech Binance receiving akin support from the Abu Dhabi regulator successful November 2022.

Abu Dhabi regulator grants trading steadfast  Rain support   to connection    crypto services

The Abu Dhabi Global Market Financial Services Regulatory Authority has granted its Financial Services Permission for cryptocurrency steadfast Rain to connection brokerage and custody services to residents. 

In a July 25 announcement, Rain said the regulatory support volition let definite United Arab Emirates-based organization and retail users to “buy, sell, trade, and store virtual assets” done the platform. According to Rain CEO Joseph Dallago, the trading steadfast has besides partnered with a section slope to facilitate services, nether the “supervision of a section regulator and thorough ineligible framework” for idiosyncratic protection.

“This is simply a 5 twelvemonth effort, arsenic we were 1 of the archetypal exchanges to enquire astir licensure backmost successful 2018, erstwhile the ADGM released their virtual plus framework,” said Dallago.

Rain Trading Limited (Rain ADGM) has been granted the archetypal Financial Services Permission (FSP) by Abu Dhabi Global Market’s Financial Services Regulatory Authority to run a virtual assets brokerage and custody service. pic.twitter.com/EyxCj4HbNy

— Rain (@rain) July 25, 2023

Related: UAE emerges arsenic a pro-Bitcoin mining destination successful the Middle East

In November 2022, crypto speech Binance received akin regulatory permission successful Abu Dhabi pursuing being granted in-principle approval from the fiscal watchdog successful April. The greenish airy came amid a large crypto marketplace clang and the illness of respective large firms including FTX. CEO Changpeng Zhao had been attending Abu Dhabi Finance Week astatine the clip of approval.

According to Rain’s website, the level focuses chiefly connected offering crypto services crossed the Middle East and Turkey, with its office successful Bahrain. Though the Abu Dhabi Global Market Financial Services Regulatory Authority has issued approvals to some Rain and Binance, Dubai’s Virtual Assets Regulatory Authority issued notices to executives of integer plus level Open Exchange successful May and suspended BitOasis’ license successful July.

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