Cryptocurrencies have revolutionized the financial landscape, expanding rapidly across the globe and becoming an integral part of the modern digital economy. From Bitcoin to Ethereum, these digital assets have not only transformed the way we perceive money but also how we transact and invest. One such crypto exchange platform making waves in this dynamic ecosystem is Rain.
Rain has recently achieved a significant milestone. The Abu Dhabi Global Market has bestowed upon it a financial services license. The monumental decision opens up new avenues for this crypto exchange to extend its product and service offerings to clientele in the UAE and beyond. This license empowers Rain to broaden its virtual asset pair listings. This development marks a significant stride in the expansion of cryptocurrency services in the region, further solidifying Rain’s position in the crypto exchange platform landscape.
Rain’s Journey: From In-Principle Approval to Full FSP Status
Rain’s journey toward obtaining Financial Services Permission (FSP) saw its first milestone in January 2022, when it was given preliminary approval. Interestingly, just a week prior, its parent company, Rain Financial, headquartered in Bahrain, had successfully amassed $110 million in a Series B funding round. This event was a clear indication of the increasing global embrace of digital currencies by traditional investors. Back in 2019, Rain Financial had already made a mark by becoming the first entity in the Middle East to receive a license to provide services related to virtual assets, all under the watchful eye of Bahrain’s Central Bank. The company not only facilitates the buying and selling of digital currencies for its clients but also provides custodial services to ensure the safekeeping of these assets.
Seamless Fiat-to-Virtual Asset Conversion: Rain’s New On-Ramp Service
Rain ADGM is now equipped to facilitate the buying, selling, and storing of virtual assets, along with providing a smooth transition service from traditional currency to digital assets using UAE dirhams for a wide range of clients, including institutions and retail customers within the country. An on-ramp in the cryptocurrency world is a service that allows the exchange of traditional, or fiat, currency for digital currency. This significant achievement is a milestone not only for Rain but also for the broader virtual assets industry. With this license, Rain is in a position to offer its customers an elevated level of security and trust, as it continues to spearhead innovation and expansion in the virtual assets arena. Additionally, Rain is now the exclusive provider of a regulated service for the conversion of UAE dirhams to virtual assets and back in the UAE.
ADGM’s Mission: Unlocking Growth and Investment in Virtual Assets
The digital currency sector has faced a challenging period of persistent price drops since the previous year, but it has managed to regain its footing. Advocates of this technology argue that these digital assets represent the future of finance, offering a more secure and efficient method for transactions, thanks to the power of blockchain. Abu Dhabi has initiated numerous measures to incorporate blockchain into its economic structure, governance, and societal fabric, all in a bid to stimulate economic growth. The core objective of ADGM has consistently been to unlock fresh avenues for expansion and investment in the digital assets industry. This has been realized through the establishment of a sturdy and forward-thinking regulatory framework for digital assets.