The Abu Dhabi Global Market Financial Services Regulatory Authority has granted its Financial Services Permission for cryptocurrency firm Rain to offer brokerage and custody services to residents.
In a July 25 announcement, Rain said the regulatory approval will allow certain United Arab Emirates-based institutional and retail users to “buy, sell, trade, and store virtual assets” through the platform. According to Rain CEO Joseph Dallago, the trading firm has also partnered with a local bank to facilitate services, under the “supervision of a local regulator and thorough legal framework” for user protection.