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Bahraini cryptocurrency firm Rain to operate in UAE

Cryptocurrency is growing in both the UAE and Bahrain amid regulatory challenges and market downturn.
A physical imitation of the Bitcoin cryptocurrency is seen, Paris, France, April 26, 2021.

The Bahrain-based cryptocurrency exchange Rain said on Tuesday that it has received permission to operate in the United Arab Emirates (UAE) as both countries continue their crypto push.

The Abu Dhabi Global Market granted Rain “financial services permission” to operate a virtual assets brokerage and custody service. Through Rain’s entity in Abu Dhabi, UAE residents will be able to buy, sell and hold virtual assets, such as cryptocurrency, via transfers from Emirati dirhams, the company said in a series of tweets.

CEO and co-founder Joseph Dallago said on Twitter that Rain first inquired about receiving the permission in 2018 after the Abu Dhabi Global Market released its virtual assets framework. Dallago continued that Rain has entered into a partnership with an unspecified local bank in the UAE.

The Abu Dhabi Global Market is a community of international businesses with a separate regulatory regimen from the rest of the UAE. Rain already has an entity in the market.

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