The Abu Dhabi Global Market has granted a Financial Services Permission (FSP) to the crypto exchange platform Rain, allowing them to increase their offerings to customers in the United Arab Emirates (UAE) and its regions.
What Does This Mean For Rain And Crypto?
With the Financial Services Permission (FSP), Rain can now buy, sell, and store digital assets across the UAE. The company will also be able to provide on-ramp services into the crypto world, providing seamless transactions for clients in the process.
One issue that retail and institutional investors have usually faced in the region is being able to convert their fiat currencies to cryptocurrencies. So, Rain will act as the pathway for those looking to convert their fiat to virtual assets.
In a statement obtained by The National, Rain’s chief executive Joseph Dallago said this development will offer customers “an even greater level of security and trust.”
Mr. Dallago also believes that “This achievement represents a significant milestone not just for Rain, but for the entire virtual assets industry.”
He further added that: “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 UAE dirhams into virtual assets in the UAE.”
Total market cap surges to $1.139 | Source: Crypto Total Market Cap on Tradingview.com
Industry Continues To Grow Despite Regulatory Struggles
Although the crypto market continues to linger in this bear market, the industry has undoubtedly continued to grow as stakeholders build and push for mainstream adoption.
Many countries and individuals are also beginning to see that digital assets are the future of money and provide a more secure and safer way to conduct transactions with the aid of blockchain technology.
As such, it is no surprise that Abu Dhabi is joining a long list of regions that are looking to integrate the use of blockchain technology into their government and economic operations as part of their efforts to build a more transparent and effective framework.
As part of its commitment to further adopt blockchain technology and digital currencies in the region, Abu Dhabi last year launched the Middle East, Africa and Asia Crypto and Blockchain Association (MEAACBA), a non-profit organization whose aim is to further the development of blockchain and crypto ecosystems in the EMEA region.
Rain Financial, alongside other crypto platforms like Binance, MidChains, BitOasis, and Crypto.com happens to be part of the organizations supporting MEAACBA.
Featured image from Cryptoknowmics, chart from Tradingview.com
