The Abu Dhabi Global Market (ADGM) has granted Rain, a leading crypto exchange platform, a Financial Services Permission (FSP) to operate in the United Arab Emirates (UAE) and its surrounding regions. This permission marks a significant milestone for Rain, enabling them to expand their offerings and provide enhanced services to customers in the crypto space.

With the Financial Services Permission (FSP) in place, Rain can now facilitate the buying, selling, and safe storage of digital assets across the UAE. This development holds particular significance for retail and institutional investors who previously faced challenges in converting fiat currencies to cryptocurrencies. Rain acts as a crucial pathway for individuals looking to seamlessly convert their fiat to virtual assets, ensuring an efficient and secure process for clients.

Rain’s CEO, Joseph Dallago, highlights the improved security and trust that the FSP offers their customers. Dallago emphasizes that this achievement is not only significant for Rain but also for the entire virtual assets industry. With the FSP, Rain becomes the pioneer in offering a regulated on-ramp and off-ramp for converting UAE dirhams into virtual assets in the UAE. The granting of this permission cements Rain’s commitment to driving innovation, growth, and safeguarding customer interests within the virtual assets space.

Despite the current downturn in the crypto market, the industry continues to witness steady growth as stakeholders persistently push for mainstream adoption. The global recognition of digital assets as the future of money is gradually gaining traction, due to their inherent security and the utilization of blockchain technology. Abu Dhabi, in its quest to build a transparent and effective framework, joins a host of regions looking to integrate blockchain technology into their government and economic operations.

To reaffirm its commitment to the widespread adoption of blockchain technology and digital currencies within the region, Abu Dhabi established the Middle East, Africa and Asia Crypto and Blockchain Association (MEAACBA) last year. This non-profit organization actively contributes to the development of blockchain and crypto ecosystems in the EMEA region. Rain Financial, alongside other prominent crypto platforms such as Binance, MidChains, BitOasis, and Crypto.com, stands proud among the organizations supporting MEAACBA’s mission.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.