Abu Dhabi Boosts Rain Exchange With Crypto Permit

Cryptocurrency exchange Rain achieved a significant milestone on July 25 when it upgraded its provisional approval from the UAE's Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA) to a full Financial Services Permission (FSP). 

This move builds on the Bahrain-based firm's intent to expand its crypto custody services to professional clients.

Adding Value with the FSP License

Rain’s newly obtained FSP license marks a pivotal moment in the company's development. The upgrade from its initial “in-principle” approval, which was primarily a broker-dealer permit for digital assets, allows Rain to offer a wider range of services beyond the Gulf Cooperation Council region.

The company can now list more virtual asset pairs, provided these meet the Accepted Virtual Assets criteria set by the FSRA. This expansion comes at a time when the UAE is showing robust support for fintech, bolstering Rain's potential for growth.

Strengthening Position in the Middle East

Founded in 2017, Rain was the first cryptocurrency exchange in the Middle East to secure a regulatory license. The firm has been progressively expanding its footprint across Bahrain, Saudi Arabia, UAE, Kuwait, and Oman with its web and mobile-based portal offering buy, sell and store cryptocurrency options.

This license upgrade is Rain’s third in the Middle Eastern region, following approvals in Bahrain and Dubai. This development reinforces Rain's commitment to regional expansion and the facilitation of wider digital asset adoption.

Setting the Stage for Further Growth

Beyond the recent FSP achievement, Rain secured $110 million in a Series B funding round in January 2022. The investment, co-led by Coinbase, Paradigm and Kleiner Perkins, signaled significant support for Rain's ambitions. With this new license and financial backing, Rain plans to extend its reach and strengthen its technological platform, consolidating its position as a leading crypto exchange in the Middle East.

Photo: Courtesy of Rain 

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