Cryptocurrency exchange platform Rain has been granted a financial services permission (FSP) by Abu Dhabi Global Market, paving the way to offer more products and services to clients in the UAE and the region.
The FSP enables Rain to list a greater number of virtual asset pairs, having met the Accepted Virtual Assets criteria set out by ADGM's Financial Services Regulatory Authority (FSRA), the company told The National on Tuesday.
Rain ADGM will now be able to offer the ability to buy, sell and store virtual assets, as well as having a seamless fiat-to-virtual asset on-ramp service in UAE dirhams to institutional and a number of retail clients in the country, it said.
A cryptocurrency on-ramp refers to a service in which fiat money, or those that are legal tender, can be offered in return for cryptocurrency.
“This achievement represents a significant milestone not just for Rain, but for the entire virtual assets industry,” Joseph Dallago, chief executive of Rain, said in the statement.
“With this licence, we can now offer our customers an even greater level of security and trust, as we continue to drive innovation and growth in the virtual assets space. Furthermore, Rain now offers the only regulated on-ramp and off-ramp of UAE dirhams into virtual assets in the UAE.”
The cryptocurrency industry has struggled with continued price declines since last year, but has since recovered lost ground.
Proponents of the technology claim that virtual assets are the future of money and that it is a safer and more practical way to conduct transactions as it is powered by blockchain.
Abu Dhabi has taken several steps to integrate blockchain into the economy, government and society as part of efforts to develop the economy.
The UAE capital in November last year launched the Middle East, Africa and Asia Crypto and Blockchain Association, a non-profit organisation backed by ADGM to hasten the development of blockchain and cryptocurrencies in the region.
Rain Financial is one of its partners, along with other major cryptocurrency platforms such as Mubadala-backed MidChains, Dubai-based BitOasis, Crypto.com and Binance, the world's biggest cryptocurrency exchange by trading volume.
Rain's FSP affirms “ADGM's role as an international financial centre and facilitator for business growth”, said Arvind Ramamurthy, chief of market development at ADGM.
“ADGM’s mission has always been centred around unlocking new opportunities for growth and investment in the virtual assets sector. This has been made possible through the implementation of a robust and progressive regulatory framework for digital assets,” he said.
ADGM said it introduced the world’s first comprehensive virtual assets framework in 2018. It has established its International Financial Centre as an attractive business hub and platform for virtual assets and digital assets activities for home-grown, regional and international companies.
We are continuously trying to add value to Abu Dhabi’s digital asset ecosystem while also supporting the diversification of our flourishing economy
Arvind Ramamurthy,
chief of market development at Abu Dhabi Global Market
“We are continuously trying to add value to Abu Dhabi’s digital asset ecosystem while also supporting the diversification of our flourishing economy,” Mr Ramamurthy said.
Rain first received its in-principle approval for an FSP in January 2022. A week before that, its operator, Bahrain-based Rain Financial, raised $110 million in a series B funding round as digital currencies gained more acceptance among mainstream investors globally.
Rain Financial became the first licensed virtual assets service provider in the Middle East in 2019 and is regulated by Bahrain's central bank. The company offers its customers a way to buy and sell digital currencies, as well as custodian services to hold their assets.
Rain was founded in 2017 by Mr Dallago, Abdullah Almoaiqel, AJ Nelson and Yehia Badawy, and has continued to boost its technology and services through an advanced trading platform, as well as growing its team.
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
MATCH INFO
Pakistan 106-8 (20 ovs)
Iftikhar 45, Richardson 3-18
Australia 109-0 (11.5 ovs)
Warner 48 no, Finch 52 no
Australia win series 2-0
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Killing of Qassem Suleimani
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
COMPANY%20PROFILE
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ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
'O'
%3Cp%3E%3Cstrong%3EAuthor%3A%3C%2Fstrong%3E%20Zeina%20Hashem%20Beck%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20112%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Penguin%20Books%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
UAE currency: the story behind the money in your pockets
UAE%20medallists%20at%20Asian%20Games%202023
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Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Company%20profile
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The%20National%20selections
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
IF YOU GO
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info
Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.
UAE currency: the story behind the money in your pockets
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Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
