Rain Financial Services, a cryptocurrency firm, has received a license from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority to offer brokerage and custody services to residents. According to a statement on July 25, the regulatory approval enables cer tain institutional and retail users in the United Arab Emirates to "buy, sell, trade and store virtual assets" through the platform. Rain's CEO, Joseph Dallago, stated that the trading house has collaborated with a local bank to provide services under the supervision of local regulators and within a comprehensive legal framework to ensure user protection.
Dallas highlighted that obtaining this license was a five-year effort, as Rain was one of the first exchanges to inquire about licensing in 2018 when ADGM introduced its virtual asset framework. In a similar development, cryptocurrency exchange Binance also received regulatory approval from Abu Dhabi's financial regulator in November 2022, after securing approval-in-principle in April. Notably, the approval came amid a crypto market crash and the collapse of several major companies, including FTX, with Binance CEO Changpeng Zhao attending Abu Dhabi Finance Week at the time of the approval.
While Rain's website indicates that its primary focus is on providing crypto services in the Middle East and Turkey, with headquarters in Bahrain, other digital asset platforms have faced regulatory actions in the UAE. The Dubai Virtual Assets Regulatory Authority issued a notice to executives of digital asset platform Open Exchange in May, and BitOasis had its license suspended in July.
