The well-known crypto company Rain Trading Limited has recently received approval from the authorities in Abu Dhabi to offer its services to the residents. As per the reports, Rain (also known as Rain ADGM) has remained effective in getting a license from the Financial Services Regulatory Authority of Abu Dhabi.
Abu Dhabi Regulator Provides a License to Rain to Offer Brokerage Services for Virtual Assets
The platform took to Twitter to announce this acquisition. In its recent, the company noted that it has received the earliest Financial Services Permission (FSP) from the Financial Services Regulatory Authority of Abu Dhabi Global Market. After obtaining the respective approval from the regulatory agency of the country, the platform will be able to permit UAE-based consumers to sell, store, and purchase digital assets.
In addition to this, the company will also be capable of enabling fiat-to-digital asset on-and-off-ramps with the use of the UAE dirham. On Tuesday, the regulatory agency provided the registration to the company to play the role of a licensed platform within the jurisdiction of Abu Dhabi. The acquisition of the respective license plays a crucial role in the further progress of Rain. This will be beneficial for the company to expand its services within the UAE.
Platform’s Executive Express Extreme Confidence in This Development
Eventually, this will pave the way for more adoption of crypto assets. In addition to this, this development will pave the way for cryptocurrency’s mainstream adoption in the coming time. The respective license enables Rain to provide cutting-edge financial technology to the residents. Joseph Dallago (the chief executive officer of Rain) also provided his opinion on this development.
The executive stated that the license lets the firm provide their Abu Dhabi-based users with enhanced trust and security. Dallago moved on to say that the platform is continuously endeavouring to increase its growth and innovation within the digital asset ecosystem. In this respect, the regulatory agency of Abu Dhabi granted an in-principle authorization to the company last year.
This permission was given to Rain to carry out its operations till the rejection or approval of its license application. Arvind Ramamurthy (the chief of market development at the platform) also commented on this. He mentioned that the digital asset market of Abu Dhabi is witnessing an increase in value with the continuous efforts made by Rain and other such firms.
