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The Abu Dhabi Global Markets Financial Services Regulatory Authority has granted its Financial Services Permit to cryptocurrency firm Rain to provide brokerage and custody services to residents.
In the announcement of July 25, Rain Said The regulatory approval will allow certain institutional and retail users based in the UAE to “buy, sell, trade and store virtual assets” through the platform. According to Ren CEO Joseph Dalago, the trading firm also partnership With a local bank to facilitate the services under the “oversight of the local regulator and the entire legal framework” for user protection.
“This is a 5-year effort, as we were one of the first exchanges to inquire about a license in 2018 when ADGM released its Virtual Asset Framework,” Dalago said.
Rain Trading Limited (Ren ADGM) has been granted the first Financial Services Permit (FSP) by the Financial Services Regulatory Authority of Abu Dhabi Global Market to operate virtual asset brokerage and custody services. pic.twitter.com/EyxCj4HbNy
– Rain) 25 July 2023
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Crypto exchange Binance received similar regulatory approval in Abu Dhabi in November 2022, after receiving in-principle approval from the financial watchdog in April. The green light came amid a major decline in the crypto market and the collapse of several major companies, including FTX. CEO Changpeng Zhao was attending the Abu Dhabi Finance Week at the time of approval.
According to Ren’s website, the platform is primarily focused on offering crypto services in the Middle East and Turkey, with its headquarters based in Bahrain. Although the Abu Dhabi Global Markets Financial Services Regulatory Authority has issued approvals to both Ren and Binance, Dubai’s Virtual Assets Regulatory Authority issued a notice to the authorities of digital asset platform Open Exchange in May and suspended the license of BitOasis in July.
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