Abu Dhabi Grants Crypto Firm Rain Permission to Operate as Virtual Asset

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Crypto firm Rain has been granted permission by Abu Dhabi’s Financial Services Regulatory Authority to operate as a virtual asset brokerage and custody service provider. The platform will offer institutional and retail clients in the UAE the ability to buy, sell and store virtual assets, as well as on- and off-ramp to the UAE dirham. Rain CEO Joseph Dallago said the license allowed the platform to offer an “even greater level of security and trust”, while also noting Rain now offered the “only regulated on-ramp and off-ramp of AED into virtual assets in the UAE”.