The UAE has granted a license to a Coinbase-supported crypto exchange called Rain.
, Rain said that its entity based in Abu Dhabi can now allow institutional clients and some retail clients in the UAE to buy, sell, and safely store crypto assets.
Rain will be able to create a bank account in the UAE and let local clients fund their accounts through the domestic payment network. Established in 2017, the exchange has received funding from Kleiner Perkins and Coinbase Ventures in Silicon Valley. Last year, Rain raised $110 million in a Series B fundraising round, culminating in a $500 million valuation.The UAE is actively seeking crypto ventures in the region. It has promoted the usage of cryptocurrencies in many sectors in order to increase adoption and transaction volumes in the region. The UAE hopes to attract new investors with updated digital asset regulations.
MENA’s crypto volume identified the use cases for savings and remittance payments as top contributors. In the study, the UAE emerged as a significant crypto hub. Amidst a sea of countries with ambiguous or non-existent regulations around crypto, Dubai is considered to be quite friendly. It is one of the few regions that have set out specific aims and guidelines regarding the crypto industry. The VARA intends to promote the United Arab Emirates as a “regional and international hub” for virtual assets.
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