Cryptocurrency exchanges continue to receive licenses from countries to legitimize their activities, while the latest move came from crypto exchange Rain.
Rain received a license from Abu Dhabi financial regulator today to operate a digital asset brokerage and custody service for its clients in the UAE, Reuters reported.
Bahrain-based Rain, backed by Coinbase, said in a statement that with the license obtained, its establishment located in the Abu Dhabi Global Market financial free zone will now offer the opportunity to buy, sell and store digital assets to institutional customers and some retail customers in the UAE.
Rain's Chief Executive Officer, Joseph Dallago, stated that this license will lead to more demand from institutional investors.
“We are incredibly proud to have received a Financial Services Authorization (FSP) from the Abu Dhabi Financial Services Regulatory Authority (FSRA) for a virtual asset brokerage and custody service business, a testament to our unwavering commitment to compliance and regulatory excellence.
This achievement represents an important milestone not only for Rain, but for the entire digital asset industry.
With this license, we are now able to offer even higher levels of security and trust to our customers, while continuing to drive innovation and growth in the digital assets space.
In addition, Rain now offers the only regulation in the UAE regulating the entry and exit of AED into digital assets.”
Arvind Ramamurthy, ADGM's head of market development, said: “By incorporating companies like Rain, we are constantly trying to add value to Abu Dhabi's digital asset ecosystem. This also supports the diversification of our burgeoning economy.” said.
As it is known, Binance, the world's largest cryptocurrency exchange, also received a license from the country.
*Not investment advice.
