The Abu Dhabi World Market Monetary Companies Regulatory Authority has granted its Monetary Companies Permission for cryptocurrency agency Rain to supply brokerage and custody companies to residents. 

In a July 25 announcement, Rain mentioned the regulatory approval will enable sure United Arab Emirates-based institutional and retail customers to “purchase, promote, commerce, and retailer digital property” by way of the platform. In accordance with Rain CEO Joseph Dallago, the buying and selling agency has additionally partnered with a neighborhood financial institution to facilitate companies, below the “supervision of a neighborhood regulator and thorough authorized framework” for consumer safety.

“This can be a 5 yr effort, as we have been one of many first exchanges to investigate about licensure again in 2018, when the ADGM launched their digital asset framework,” mentioned Dallago.

Associated: UAE emerges as a pro-Bitcoin mining vacation spot within the Center East

In November 2022, crypto trade Binance acquired comparable regulatory permission in Abu Dhabi following being granted in-principle approval from the monetary watchdog in April. The inexperienced mild got here amid a significant crypto market crash and the collapse of a number of main corporations together with FTX. CEO Changpeng Zhao had been attending Abu Dhabi Finance Week on the time of approval.

In accordance with Rain’s web site, the platform focuses totally on providing crypto companies throughout the Center East and Turkey, with its headquarters in Bahrain. Although the Abu Dhabi World Market Monetary Companies Regulatory Authority has issued approvals to each Rain and Binance, Dubai’s Digital Property Regulatory Authority issued notices to executives of digital asset platform Open Trade in Could and suspended BitOasis’ license in July.

Journal: Crypto Metropolis: Information to Dubai