The Middle Eastern crypto exchange Rain, backed by Coinbase, announced that its Abu Dhabi unit secured a license to offer crypto brokerage and custody services in the UAE.
According to reports by Reuters, Rain, a Middle Eastern crypto exchange based in Bahrain, and backed by Coinbase, announced today its Abu Dhabi unit secured a “license to operate a virtual assets brokerage and custody service for clients in the United Arab Emirates.”
Rain Expands Offerings into UAE
Obtaining the license means that Rain’s unit based in the Abu Dhabi Global Market financial free zone may now offer institutional and a limited number of retail clients in the UAE services to buy, sell, and store their virtual assets.
Yehia Badawy, Rain’s co-founder, said in an interview with Reuters that the license further allows the exchange to open a bank account in the UAE and permits its clients in the region to fund their own accounts provided they use a local payment network.
Badawy noted that local asset m
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