1 year ago
Crypto speech Rain has obtained a licence to run a virtual plus brokerage and custody work for its clients successful the United Arab Emirates,.
"Today, Rain is launching successful the UAE, arsenic the first licensed retail exchange," Joseph Dallago, CEO and co-founder of the Bahrain-based company, tweeted connected Tuesday. "This is simply a 5 twelvemonth effort, arsenic we were 1 of the archetypal exchanges to enquire astir licensure backmost successful 2018, erstwhile the ADGM released their virtual plus framework," referring to the Abu Dhabi Global Market fiscal freezone.
The licence means Rain's Abu Dhabi-based portion tin connection organization clients and immoderate retail clients successful the UAE the quality to buy, merchantability and store virtual assets, Reuters reported.
Abu Dhabi is considered a crypto hub acknowledgment to its wide regulations. Rain, which is backed by crypto speech Coinbase, laid disconnected dozens of employees past year owed to the crypto winter.
Rain raised $110 cardinal past twelvemonth successful a Series B backing circular that valued the steadfast astatine $500 million. It is hoping to pull organization clients and volition besides beryllium capable to unfastened a slope relationship successful the UAE positive alteration clients to money their ain accounts, co-founder Yehia Badawy said successful an interrogation with Reuters connected Tuesday.
Jack Schickler contributed to reporting.
Edited by Sheldon Reback.
English (US) 