Crypto exchange Rain has been granted a license to operate a virtual asset brokerage and custody service in the United Arab Emirates, the company announced Tuesday. Joseph Dallago, CEO and co-founder of the Bahrain-based company, said in a tweet, Today, Rain is launching in the UAE, as the first licensed retail exchange. This is a 5-year effort, as we were one of the first exchanges to enquire about licensure back in 2018, when the ADGM released their virtual asset framework.
The license allows Rain’s Abu Dhabi-based unit to offer institutional clients and some retail clients in the UAE the ability to buy, sell, and store virtual assets. Abu Dhabi is considered a crypto hub due to its clear regulations. Rain, which is backed by crypto exchange Coinbase, raised $110 million last year in a Series B funding round that valued the firm at $500 million.
Yehia Badawy, co-founder of Rain, said in an interview with Reuters that the license approval will enable the company to attract institutional clients and open a bank account in the UAE. Additionally, clients will be able to fund their own accounts.