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Abu Dhabi regulator grants buying and selling agency Rain permission to supply crypto providers

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

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

“It is a 5 yr effort, as we had been one of many first exchanges to investigate about licensure again in 2018, when the ADGM launched their digital asset framework,” stated Dallago.

Rain Buying and selling Restricted (Rain ADGM) has been granted the primary Monetary Companies Permission (FSP) by Abu Dhabi International Market’s Monetary Companies Regulatory Authority to function a digital property brokerage and custody service. pic.twitter.com/EyxCj4HbNy

— Rain (@rain) July 25, 2023

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 companies together with FTX. CEO Changpeng Zhao had been attending Abu Dhabi Finance Week on the time of approval.

In keeping with Rain’s web site, the platform focuses totally on providing crypto providers throughout the Center East and Turkey, with its headquarters in Bahrain. Although the Abu Dhabi International 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



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