Rain receives In-Principle Approval for a Financial Services Permission from Abu Dhabi Global MarketADGM FSRA 26/01/2022
- Cryptocurrency platform 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)
- 1he FSRA has granted the IPA to ADGM-registered entity, Rain Trading Limited
- 1he FSP, once issued following successful completion of all IPA conditions, would enable Rain to list a greater number of virtual asset pairs provided they meet the ‘Accepted Virtual Assets’ criteria set out by the FSRA
In January 2022, Rain, a leading cryptocurrency company, 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). 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 which 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.
Commenting on this milestone, Rain co-founder Yehia Badawy said: “At Rain, we strongly believe in the long-term value of cryptocurrency and its blockchain technology foundation to change ﬁnance globally. Working with regulatory bodies such as the FSRA is one of the fastest and most secure ways to offer cryptocurrencies to the region and beneﬁts both customers and governmental bodies alike. We look forward to working hard to fulﬁl all IPA conditions to the satisfaction of the FSRA in order to obtain the FSP to operate”
Juma Al Hameli, Chief Strategy & Business Development Officer, ADGM, added: "We are pleased that Rain Trading Limited is working with ADGM and leveraging ADGM’s world-class virtual assets framework and infrastructure to expand their scope and services to the wider GCC region and globally. We wish Rain the very best in their business objectives and providing to the needs of their institutional investors and market users. ADGM looks forward to Rain adding more activities, growth and vibrancy to ADGM’s ﬂourishing cryptocurrency network and ecosystem.”
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.