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Rain ADGM Expands OTC to UAE, Bitcoin Surpasses $28,000, Binance Leaves Russia and more news...
The United Arab Emirates sees a surge in cryptocurrency activities, with institutional investments accounting for over 67% of transactions between July 2022 and June 2023, according to Chainalysis. A combination of progressive regulations, strategic location, and a business-friendly environment is positioning the nation as a global leader in the blockchain sector, attracting high-net-worth individuals and diverse professional investors to the burgeoning market. This influx of institutional interest is seen as a validation of the country’s efforts to offer regulatory clarity and establish itself as a major player in the crypto ecosystem.
Rain ADGM Launches Instant AED Funding and Exclusive OTC Desk for Institutional Clients in the UAE
Abu Dhabi, United Arab Emirates, September 21st, 2023: Rain ADGM is proud to provide retail and institutional customers a second to none funding experience for virtual assets in the UAE, through our local banking partner who is fully regulated by the Central Bank of the United Arab Emirates. This significant milestone allows UAE residents instant unrestricted funding and withdrawal access. This further enhances our funding infrastructure and users in the UAE can benefit through a secure and seamless transition from fiat currency to virtual assets. Rain ADGM operates under the supervision of the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
Rain granted Financial Services Permission by Abu Dhabi Global Market’s Financial Services Regulatory Authority
Rain Trading Limited (Rain ADGM) has been granted a Financial Services Permission (FSP) by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) to operate a regulated virtual assets brokerage and custody service in the ADGM. The FSP will cement Rain’s position as one of the leading regulated virtual assets trading platforms in the region. Its affiliate, Rain Management W.L.L., based in Bahrain, became the first licensed virtual assets service provider in the Middle East in 2019 and is regulated by the Central Bank of Bahrain.
Trusting Rain as Your Crypto Platform
We want to take this opportunity to reaffirm our commitment to the safety of your investments and to address any concerns you may have regarding the security of your assets in light of recent market developments. At Rain, we firmly believe in the long-term value of crypto assets and blockchain, and our mission is to be your trusted and secure platform, protecting your investments while providing you with the knowledge you require to help you in making sound decisions.
Rain Leads the Way with Lightning Network Integration in MENA
We are thrilled to announce that Rain is the first cryptoassets platform in the MENA region to integrate Bitcoin’s Lightning Network, a second-layer scaling solution that allows for faster and cheaper Bitcoin transactions. This is a significant milestone for the Bitcoin and crypto ecosystem and the financial system as a whole.
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