{"id":127231,"date":"2023-07-25T16:36:36","date_gmt":"2023-07-25T16:36:36","guid":{"rendered":"https:\/\/dripp.zone\/news\/abu-dhabi-regulator-grants-trading-firm-rain-permission-to-offer-crypto-services-crypto-news\/"},"modified":"2023-07-25T16:36:38","modified_gmt":"2023-07-25T16:36:38","slug":"abu-dhabi-regulator-grants-trading-firm-rain-permission-to-offer-crypto-services-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/abu-dhabi-regulator-grants-trading-firm-rain-permission-to-offer-crypto-services-crypto-news\/","title":{"rendered":"Abu Dhabi regulator grants trading firm Rain permission to offer crypto services\n &#8211; Crypto News"},"content":{"rendered":"<div data-v-2649fa34=\"\">\n<p>The Abu Dhabi Global Market Financial Services Regulatory Authority has granted its Financial Services Permission for cryptocurrency firm Rain to offer brokerage and custody services to residents. <\/p>\n<p>In a July 25 announcement, Rain <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rain\/status\/1683762713078423553\">said<\/a> The regulatory approval will allow certain United Arab Emirates-based institutional and retail users to \u201cbuy, sell, trade, and store virtual assets\u201d through the platform.  According to Rain CEO Joseph Dallago, the trading firm has also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/_jayd3e\/status\/1683774860961497090\">partnered<\/a> with a local bank to facilitate services, under the &#8220;supervision of a local regulator and thorough legal framework&#8221; for user protection.<\/p>\n<p>\u201cThis is a 5 year effort, as we were one of the first exchanges to inquire about licensing back in 2018, when the ADGM released their virtual asset framework,\u201d said Dallago.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Rain Trading Limited (Rain ADGM) has been granted the first Financial Services Permission (FSP) by Abu Dhabi Global Market&#8217;s Financial Services Regulatory Authority to operate a virtual assets brokerage and custody service. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/EyxCj4HbNy\">pic.twitter.com\/EyxCj4HbNy<\/a><\/p>\n<p>Rain (@rain) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rain\/status\/1683762713078423553?ref_src=twsrc%5Etfw\">July 25, 2023<\/a><\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/uae-emerges-as-a-pro-bitcoin-mining-destination-in-the-middle-east\"><strong><em>UAE emerges as a pro-Bitcoin mining destination in the Middle East<\/em><\/strong><\/a><\/p>\n<p>In November 2022, crypto exchange Binance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/abu-dhabi-grants-binance-financial-services-permission-economist-hits-out\">received similar regulatory permission<\/a> in Abu Dhabi following being <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/binance-receives-in-principle-approval-to-operate-in-abu-dhabi\">granted in-principle approval<\/a> from the financial watchdog in April.  The green light came amidst a major crypto market crash and the collapse of several major firms including FTX.  CEO Changpeng Zhao had been attending Abu Dhabi Finance Week at the time of approval.<\/p>\n<p>According to Rain&#8217;s website, the platform focuses primarily on offering crypto services across the Middle East and Turkey, with its headquarters in Bahrain.  Although the Abu Dhabi Global Market Financial Services Regulatory Authority has issued approvals to both Rain and Binance, Dubai&#8217;s Virtual Assets Regulatory Authority <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/3ac-founders-run-into-fresh-trouble-in-dubai-over-new-exchange-opnx\">issued notices to executives<\/a> of digital asset platform Open Exchange in May and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/dubai-vara-suspends-bitoasis-exchange-license\">suspended BitOasis&#8217; license<\/a> in July.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/magazine\/crypto-city-guide-to-dubai\/\"><strong><em>Crypto City: Guide to Dubai<\/em><\/strong><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Abu Dhabi Global Market Financial Services Regulatory Authority has granted its Financial Services Permission for cryptocurrency firm Rain to offer brokerage and custody services to residents. In a July 25 announcement, Rain said The regulatory approval will allow certain United Arab Emirates-based institutional and retail users to \u201cbuy, sell, trade, and store virtual assets\u201d [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":127232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-127231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/127231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=127231"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/127231\/revisions"}],"predecessor-version":[{"id":127233,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/127231\/revisions\/127233"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/127232"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=127231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=127231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=127231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}