The Financial Services Permit (FSP) within the United Arab Emirates (UAE) will authorize the company to provide virtual asset sales and custody services to institutional and retail clients. In addition, Rain will be the country’s only regulated platform for depositing and withdrawing UAE dirham (AED) into virtual assets.
The platform received approval to provide financial services on July 25. This was preceded by a year-long test period of operation under the supervision of the Abu Dhabi Financial Services Regulatory Authority, based on the issuance of prior approval. Rain is positioning its services in the UAE market as “the easiest way to trade crypto assets online in the Middle East, with 0% commission”.
Earlier, Bits.media published a review by GMT Legal, which revealed some of the nuances of the United Arab Emirates’ rules and regulations governing virtual asset transactions.