Crypto platform Rain eyes international expansion, receives In-Principle Approval for a Financial Services Permission from ADGM

Crypto platform Rain eyes international expansion, receives In-Principle Approval for a Financial Services Permission from ADGM 

Once Rain has satisfied all of ADGM's IPA conditions and receives its FSP, Rain will be able to offer its services to customers outside the GCC region

Rain has received its In-Principle Approval (IPA) for a Financial Services Permission (FSP) from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (the FSRA), Rain's Mona Sharif stated in a company blog post. ADGM has one of the most sophisticated regulatory frameworks for financial services providing clarity, transparency and security for entrepreneurs and their customers. This step reaffirms Rain’s position as a trusted partner that can provide quality and reliable virtual asset services across the GCC. 

Once Rain has satisfied all IPA conditions and receives its FSP, Rain will be able to offer its services to customers outside the GCC region, as well as the currently-serviced GCC region (through Rain Financial Inc.’s subsidiary, Rain Management WLL). In addition to servicing a broader range of customers, the FSP from the ADGM FSRA will enable Rain to list a greater number of virtual asset pairs provided they meet the Accepted Virtual Assets criteria set out by the FSRA. 

While continuing to focus on regional expansion, Rain’s pursuit of an IPA (and eventual FSP) is also part of its desire to offer a safer and more secure space to buy, sell and store cryptocurrencies. As a regulation-led firm, an FSP (once received) would bolster Rain’s reputation as a trusted platform that works together with regulatory bodies to ensure consumer protection in the cryptocurrency sector and build trust amongst its user base. Additionally, an eventual licence to operate in and from the ADGM, with its large institutional and sovereign investor base will enable Rain to attract institutional capital and investors and more funding opportunities to scale the services offered to customers.

ADGM introduced the world’s first comprehensive virtual assets framework in 2018.  It has fast established its International Financial Centre as an attractive and world-class business hub and platform for virtual assets and digital assets activities for home-grown, regional and international companies.

Create Your Account Now

Sign up now to stay connected to the UAE ecosystem, access exclusive content & market news, and discover initiatives to unlock opportunities.

You might also like