Rain Cryptocurrency Exchange Receives Full Financial Services Permission (FSP) in UAE
- Shams Ul Zoha
- July 26, 2023
- 1:24 pm
WHAT YOU SHOULD KNOW
- Rain, the first regulated cryptocurrency exchange in the Middle East, received a full FSP license from Abu Dhabi Global Market FSRA, building on its initial “in-principle” approval.
- The FSP upgrade enables Rain to offer a broader range of services beyond the Gulf Cooperation Council region and list more virtual asset pairs, subject to FSRA’s criteria.
- The license marks Rain’s third regulatory approval in the Middle East, following Bahrain and Dubai, and with $110 million in Series B funding, the exchange aims to expand further and enhance its technological platform.
On July 25, cryptocurrency exchange Rain achieved a major milestone by upgrading its provisional approval from the UAE’s FSRA to a full FSP license. This development allows Rain, based in Bahrain, to expand its crypto custody services to professional clients and offer a wider range of services beyond the Gulf Cooperation Council region. With the FSP license, Rain can now list more virtual asset pairs that meet the FSRA’s criteria, aligning with the UAE’s growing support for fintech.
Founded in 2017, Rain was the first regulated cryptocurrency exchange in the Middle East, and it has been steadily expanding its presence across Bahrain, Saudi Arabia, UAE, Kuwait, and Oman. With its web and mobile-based portal, Rain offers services to buy, sell, and store cryptocurrencies. This recent license upgrade is Rain’s third in the Middle Eastern region, following approvals in Bahrain and Dubai. The company’s commitment to regional expansion and its goal to facilitate wider digital asset adoption is further reinforced.
In addition to the FSP achievement, Rain secured $110 million in a Series B funding round in January 2022, with support from Coinbase, Paradigm, and Kleiner Perkins. This financial backing will enable Rain to extend its reach, strengthen its technological platform, and solidify its position as a leading cryptocurrency exchange in the Middle East, demonstrating the company’s ambitious plans for future growth and expansion.
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