Crypto exchange Rain has secured a licence to offer a virtual asset brokerage and custody service for its clients in the United Arab Emirates, the business announced on Tuesday.
“Today, Rain is launching in the UAE as the first licenced retail exchange,” said Joseph Dallago, CEO and co-founder of the Bahrain-based startup, in a tweet. “This is a 5-year effort, as we were one of the first exchanges to inquire about licensure back in 2018, when the ADGM released their virtual asset framework,” referring to the Abu Dhabi Global Market financial freezone.
According to the corporate release, the licence allows Rain’s Abu Dhabi-based unit to provide institutional clients and select retail clients in the UAE the opportunity to buy, trade, and hold virtual assets.
Because of its strict rules, Abu Dhabi is regarded as a cryptocurrency hub. Rain, which is supported by the cryptocurrency exchange Coinbase, cut off dozens of employees because to the crypto winter last year.Rain raised $110 million in Series B fundraising last year, valuing the company at $500 million. It hopes to attract institutional clients and will be able to open a bank account in the UAE as well as allow clients to fund their own accounts, co-founder Yehia Badawy told Reuters, which first reported the licence clearance.