Bahrain-headquartered crypto exchange Rain announced receiving the first Financial Services Permission (FSP) from Abu Dhabi Global Market’s Financial Services Regulatory Authority to operate a virtual assets brokerage and custody service.

The license would enable Rain to offer institutional and retail clients in the UAE the ability to buy, sell and store digital assets. The brokerage will also allow users to on- and off-ramp to the UAE dirham.

• Announcing the development, Rain co-founder and CEO Joseph Dallago said,

“Today, Rain is launching in the UAE, as the first licensed retail exchange. This is a 5-year effort, as we were one of the first exchanges to enquire about licensure back in 2018 when the ADGM released their virtual asset framework.”

• Dallago added that the UAE residents will now be able to fund their accounts in minutes, thanks to a partnership with a local UAE bank.
• The exec further noted that the customers will be protected through the supervision of a local regulator and a thorough legal framework.
• Several prominent crypto exchanges have pivoted to the UAE lately amidst rising uncertainty in the US.
• In May, Coinbase revealed that it was considering the West Asian country as a potential strategic hub for its international operations.
• More recently, the Winklevoss-led crypto exchange Gemini announced initiating the process of acquiring a crypto license to serve customers based in the UAE as part of its global expansion plans.