The Abu Dhabi Global Market (ADGM) has granted crypto exchange Rain Financial Services Permission (FSP) to provide a regulated platform for buying, selling and storing virtual assets in the United Arab Emirates (UAE).
The regulatory approval represents a milestone for both Rain and the broader crypto industry, enabling expanded offerings and easier market access in the region.
Rain CEO Joseph Dallago said the license “represents a significant milestone not just for Rain, but for the entire virtual assets industry.” With FSP status, Rain can now offer customers “an even greater level of security and trust” as it continues expanding its crypto services in the UAE.
A major barrier for crypto adoption in the UAE has been limited access to platforms allowing conversion of fiat currencies to digital assets. Rain will now provide a regulated on-ramp for seamlessly moving between fiat and crypto.
According to Source Dallago said, “Furthermore, Rain now offers the only regulated on-ramp and off-ramp of UAE dirhams into virtual assets in the UAE,”
This is a key step, as lack of straightforward on-ramps has hampered crypto integration in the past. Under the new license, Rain can bridge the gap between old and new monetary systems.
Growing Digital Asset Adoption
While the crypto market endures an extended downturn, adoption continues growing globally. Improving regulatory clarity and access enables more participants to engage with digital assets.
The UAE in particular has taken proactive steps to embrace crypto, including launching the Middle East and Africa Crypto Association last year. The nonprofit aims to advance blockchain and virtual asset development in the region.
Rain’s ability to offer government-approved fiat conversion provides a new gateway to crypto markets in the UAE. It also gives credibility to the nascent asset class by working within existing regulatory frameworks.
As crypto permeates finance and payments globally, Rain’s approval represents growing integration between old and new systems. More accessible on-ramps sanctioned by regulators can accelerate mainstream adoption.
Rain’s next steps will involve leveraging its new status to expand offerings tailored for regional customers. With FSP in place, the company can continue innovating while ensuring compliant operations.
The exchange also plans educational initiatives to drive understanding of digital assets among retail and institutional investors. Greater awareness and easier onboarding can unlock more participation in decentralized finance.
While regulatory uncertainty persists in many jurisdictions, Rain’s approval highlights crypto’s ongoing maturation. As more users interact with digital assets, a new financial paradigm continues taking shape.