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)
The FSRA has granted the IPA to ADGM-registered entity, Rain Trading Limited
The 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
GCC - January 2022: 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). The 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 the customers and the 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.
The IPA for a FSP is only granted to those applicants that are considered able to adequately meet all applicable FSRA Rules and requirements which Rain has proven it can do.
The IPA is not a licence and an FSP will only be granted once all IPA conditions are met to the satisfaction of the FRSA.
The IPA relates to the conduct of Regulated Activities in relation to Virtual Assets (specifically, providing custody around virtual assets and buying, selling or exercising any right of virtual assets).
About Rain Financial Inc.:
Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. Rain currently has subsidiaries in various jurisdictions, including Bahrain, Turkey and UAE. Rain Financial Inc.’s subsidiary, Rain Management W.L.L, based in Bahrain, became the first licenced crypto-asset service provider in the Middle East in 2019 by the Central Bank of Bahrain. The platform serves as a safe space to buy, sell and store approved cryptocurrency at competitive pricing and fees. Rain continues to evolve as a company and develop the technology to optimize the user experience. Rain’s mission is to bring forward a trusted platform to all current and future customers in the cryptocurrency space.
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