The company has been applying for a license in Abu Dhabi since 2018.
After half a decade, it finally joined the companies licensed in the Middle East.
The Middle
East is becoming an increasingly attractive location for a growing number of
cryptocurrency exchanges. After Binance obtained authorization from the
regulator in Abu Dhabi in November 2022, more companies have begun appearing in the
local market. The latest is Rain Trading Limited, which has received the Financial
Services Permission (FSP) issued by the Abu Dhabi Global Market's (ADGM)
Financial Services Regulatory Authority.
Rain Joins Licensed Firms in Abu Dhabi
Abu Dhabi
and Dubai are among the most populated of the seven administrative regions in
the United Arab Emirates (UAE). Both jurisdictions issue separate permits for
providing financial services, and while Dubai has recently seemed more popular,
Abu Dhabi is also not lagging behind the rising popularity of the
cryptocurrency trend in the Middle East.
Rain
announced yesterday (Tuesday) that it had obtained permission to provide
brokerage and custody services in the digital asset market. It has also
partnered with a local bank to settle client deposits in accordance with local
regulations.
Rain's CEO,
Joseph Dallago, stated that the fight to get the license lasted for five years.
Rain was one of the first companies to apply for authorization in 2018 when
ADGM presented its virtual asset framework.
"UAE residents will now be able to fund their accounts in minutes, thanks to a partnership with a local UAE bank. Furthermore, customers are further protected through the supervision of a local regulator and thorough legal framework," Dallago added.
As
mentioned earlier, Binance has been operating in the local market since
November of last year. Previously, it received in-principle approval to provide
its services. In addition to Abu Dhabi, many exchanges are opening up to
the UAE through Dubai, where the Virtual Assets Regulatory Authority (VARA)
licenses are issued. Recently, Bitget, ByBit, and OKX have all received
authorization in the emirate.
For
Binance, the Middle East is becoming an important jurisdiction, especially
in light of regulatory issues in the United States and around the world.
According to Alexa Chehade, the General Manager of Binance Dubai, the UAE could
become the primary target for cryptocurrency firms seeking favorable and
transparent regulations.
The Middle East Becomes a
Crypto Hub
According
to data related to the adoption of cryptocurrencies in the Middle East and
North Africa, this region is the fastest-growing area in the cryptocurrency
industry, accounting for 9.2% of global transactions in 2021-2022. In the UAE
alone, a staggering increase in the number of registered cryptocurrency
companies of 400% was noted over two years.
At the same
time, the region has seen an increase of threefold in the number of educational
programs related to blockchain, contributing to an 8% rate of hash mining. All
these factors have led to an increasing number of exchanges deciding to enter
the local market and set up their offices in Dubai or Abu Dhabi.
Furthermore,
the local market has tremendous potential in terms of the number of retail
investors. This is confirmed by FX/CFD market data, where the number
of investors is constantly growing despite a global downturn.
In
addition, according to Binance MENA statistics, the majority of cryptocurrency
holders currently live in the UAE. This represents 28% of all residents of the
UAE, meaning that one in four people in the country own cryptocurrencies.
The Middle
East is becoming an increasingly attractive location for a growing number of
cryptocurrency exchanges. After Binance obtained authorization from the
regulator in Abu Dhabi in November 2022, more companies have begun appearing in the
local market. The latest is Rain Trading Limited, which has received the Financial
Services Permission (FSP) issued by the Abu Dhabi Global Market's (ADGM)
Financial Services Regulatory Authority.
Rain Joins Licensed Firms in Abu Dhabi
Abu Dhabi
and Dubai are among the most populated of the seven administrative regions in
the United Arab Emirates (UAE). Both jurisdictions issue separate permits for
providing financial services, and while Dubai has recently seemed more popular,
Abu Dhabi is also not lagging behind the rising popularity of the
cryptocurrency trend in the Middle East.
Rain
announced yesterday (Tuesday) that it had obtained permission to provide
brokerage and custody services in the digital asset market. It has also
partnered with a local bank to settle client deposits in accordance with local
regulations.
Rain's CEO,
Joseph Dallago, stated that the fight to get the license lasted for five years.
Rain was one of the first companies to apply for authorization in 2018 when
ADGM presented its virtual asset framework.
"UAE residents will now be able to fund their accounts in minutes, thanks to a partnership with a local UAE bank. Furthermore, customers are further protected through the supervision of a local regulator and thorough legal framework," Dallago added.
As
mentioned earlier, Binance has been operating in the local market since
November of last year. Previously, it received in-principle approval to provide
its services. In addition to Abu Dhabi, many exchanges are opening up to
the UAE through Dubai, where the Virtual Assets Regulatory Authority (VARA)
licenses are issued. Recently, Bitget, ByBit, and OKX have all received
authorization in the emirate.
For
Binance, the Middle East is becoming an important jurisdiction, especially
in light of regulatory issues in the United States and around the world.
According to Alexa Chehade, the General Manager of Binance Dubai, the UAE could
become the primary target for cryptocurrency firms seeking favorable and
transparent regulations.
The Middle East Becomes a
Crypto Hub
According
to data related to the adoption of cryptocurrencies in the Middle East and
North Africa, this region is the fastest-growing area in the cryptocurrency
industry, accounting for 9.2% of global transactions in 2021-2022. In the UAE
alone, a staggering increase in the number of registered cryptocurrency
companies of 400% was noted over two years.
At the same
time, the region has seen an increase of threefold in the number of educational
programs related to blockchain, contributing to an 8% rate of hash mining. All
these factors have led to an increasing number of exchanges deciding to enter
the local market and set up their offices in Dubai or Abu Dhabi.
Furthermore,
the local market has tremendous potential in terms of the number of retail
investors. This is confirmed by FX/CFD market data, where the number
of investors is constantly growing despite a global downturn.
In
addition, according to Binance MENA statistics, the majority of cryptocurrency
holders currently live in the UAE. This represents 28% of all residents of the
UAE, meaning that one in four people in the country own cryptocurrencies.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Binance Faces $4.38M Fine from Canada's Anti-Money Laundering Watchdog
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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