By Hassan Mehmood (Saudi Arabia)
Crypto company Rain has managed to get a license from the main financial regulators in Abu Dhabi. The crypto entity applied for registration with the regulators for the first time in 2018.
To this effect, the Financial Services Regulatory Authority has finally approved the permission for the enterprise to operate as a virtual asset brokerage and storage services. The firm may now offer its services to retail and commercial entities.
It is important to note that Rain is based in Bahrain and it has remained operational for a few years. The firm has shared on social media that the permit will allow the firm to venture into new domains and explore nascent avenues for cryptocurrency adoption.
At the same time, the firm will now be offering crypto trading services in addition to custodian features for a wide array of consumers including retail and the commercial sector.
Joseph Dellago the CEO of the crypto enterprise has shared that by using the Rain platform consumers will be able to fund their accounts within minutes. He was talking about the deal with the UAE banking enterprises as a third-party transaction provider.
However, the firm has not issued any official statements to the media on this account. Co-founder Yahya Badawy has shared that the firm has been corresponding with the regulators since 2018.
Also read:The Global Market initiative of the Abu Dhabi government was started in the same year. The new regulatory framework created to support the ADGM initiative was part of the plan of the enterprise to encourage economic diversification.
At the same time, the government was aiming to enhance innovation and sustainable development in its native commercial sector.
Cryptocurrency Expansion in Abu Dhabi
ADGM head Shorafa Al Hammadi told media in 2021, told media outlets that the government initiative had expedited its efforts. The committee has been working on ensuring that all the stakeholders in the industry were able to attract more business by offering better regulatory clarity.
Hammadi told the media that the agency was working towards the creation of more suitable laws such that they can support new businesses in the space at the time.
However, Kraken Exchange based in the USA established an office in the region after getting a license from the regulators in 2022. Regardless of the issues in the cryptocurrency sector, the firm ended up folding its operations from Abu Dhabi in the second month of the ongoing year.
These changes indicate that there is still some resistance towards cryptocurrency entities in the country. To this end, the grant of a regulatory license to Rain sounds like a positive step to bolster crypto market development.
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