Abu Dhabi grants Rain permit for virtual assets brokerage, custody services

The crypto landscape in the emirate has changed dramatically since Rain initially met with regulators in 2018

article-image

CryptoFX/Shutterstock modified by Blockworks

share

Abu Dhabi’s Financial Services Regulatory Authority granted Rain a Financial Services Permission on Tuesday.

The Bahrain-based crypto company is the first to receive a license to operate as a “regulated brokerage and storage services,” for some retail investors as well as institutions, according to a tweet from the company.

Rain added via Twitter thread, “This permit allows us to usher in a new era for the adoption of virtual assets in the region, as the company will be able, through this permit, to provide services for the purchase, sale and storage of virtual assets to customers, including institutions and a number of individual customers in the United Arab Emirates.”

Loading Tweet..

CEO Joseph Dellago added some clarity to what this license means for Rain customers. Dellago said “residents will now be able to fund their accounts in minutes” and alluded to a ”partnership with a local UAE bank.”

Loading Tweet..

Rain did not immediately respond to a request for comment.

Yehia Badawy, Rain’s cofounder, said that Rain initially met with regulators in 2018.

Loading Tweet..

Abu Dhabi Global Market rolled out a crypto framework back in 2018. At the time, the ADGM said the regulatory framework showed its “ongoing commitment to bolster the economic diversification of Abu Dhabi through innovation and sustainable initiatives.”

In 2021, ADGM’s Shorafa Al Hammadi told Blookworks, “The whole ecosystem in Abu Dhabi […] is working together to make it easy for all the actors of that space, to not only attract them but bring them here, to develop the legal framework.”

Kraken initially sought and received a license in Abu Dhabi in 2022, but the exchange shuttered its office there in February of this year.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

The distributed cell plan provider started selling its own hotspots in October 2023

article-image

The Brazil-based asset manager’s filing comes during a year of milestone bitcoin and ether fund approvals

article-image

The purchase of five sites in Georgia set to help CleanSpark hit its mid-year operating hash rate target of 20 EH/s

article-image

Plus, it’s beginning to look like we may be in for a cruel summer

article-image

Sponsored

Engaging with XDC provides access to cutting-edge financial tools and places investors at the forefront of the trade finance revolution

article-image

Plus, an update on spot ETH ETFs and what’s on this week’s economic calendar