Cryptocurrency brokerage company Rain has received permission from the financial regulator of Abu Dhabi to operate as a virtual asset service provider in the UAE.
A Financial Services Permit (FSP) in the United Arab Emirates (UAE) will give the company the right to provide institutional and retail clients with services for the sale and custody of virtual assets.
In addition, Rain will be the only regulated platform in the country for depositing and withdrawing UAE Dirham (AED) into virtual assets. The platform received permission to provide financial services on July 25. This was preceded by a one-year trial period under the supervision of the Abu Dhabi Financial Services Authority based on the issuance of prior approval. Rain positions its services in the UAE market as “the easiest way to trade crypto assets online in the Middle East, with a commission of 0%”.
Earlier, the Bits.media portal published a review of the law firm GMT Legal, which revealed some of the nuances of the rules and regulations of the United Arab Emirates governing transactions with virtual assets.
