Rain granted Financial Services Permission by Abu Dhabi Global Market’s Financial Services Regulatory Authority
UAE fintech company Rain has been granted a Financial Services Permission (FSP) by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) to operate a regulated virtual assets brokerage and custody service in the ADGM. The FSP will cement Rain’s position as one of the leading regulated virtual assets trading platforms in the region. Its affiliate, Rain Management W.L.L., based in Bahrain, became the first licensed virtual assets service provider in the Middle East in 2019 and is regulated by the Central Bank of Bahrain.
Rain ADGM will offer institutional and a number of retail clients in the UAE the ability to buy, sell and store virtual assets, in addition to having a seamless fiat-to-virtual asset onramp in AED. Rain has established itself across the Middle East and Turkey as a trusted and secure platform through the fundamental belief in the regulation of the virtual assets industry.
ADGM became the global pioneer in adopting virtual assets regulation by developing the first virtual assets regulatory framework in 2018 and is a leading global hub and business platform for virtual asset activities for local, regional and international firms. ADGM’s virtual assets framework is globally recognized as being one of the largest regulated jurisdictions of virtual assets in the MENA region.
Joseph Dallago, Chief Executive Officer of Rain, said, “We are incredibly proud to have received a FSP from the FSRA, which is a testament to our unwavering commitment to compliance and regulatory excellence. This achievement represents a significant milestone not just for Rain, but for the entire virtual assets industry. With this license, we can now offer our customers an even greater level of security and trust, as we continue to drive innovation and growth in the virtual assets space. Furthermore, Rain now offers the only regulated on-ramp and off-ramp of AED into virtual assets in the UAE.”
Arvind Ramamurthy, Chief of Market Development at ADGM, said, “We welcome Rain to ADGM’s rapidly growing international virtual asset community further affirming ADGM’s role as an International Financial Centre and facilitator for business growth. ADGM’s mission has always been centred around unlocking new opportunities for growth and investment in the virtual assets sector. This has been made possible through the implementation of a robust and progressive regulatory framework for digital assets. With the inclusion of companies like Rain, we are continuously trying to add value to Abu Dhabi’s digital asset ecosystem while also supporting the diversification of our flourishing economy.”
Rain was founded in 2017 by Joseph Dallago, AJ Nelson, Yehia Badawy and Abdullah Almoaiqel. Rain ADGM’s affiliate, Rain Management W.L.L, based in Bahrain, is the first licensed virtual assets service provider in the Middle East in 2019 and is regulated by the Central Bank of Bahrain.
The platform serves as a safe space to buy, sell and store virtual assets at competitive prices. Rain continues to evolve as a business and develop technology to optimize its user experience. Rain’s mission is to be a trusted platform in the virtual assets space.