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The Middle East is actually seeing a huge jump in interest when it comes to cryptocurrencies and in a historic development, the crypto exchange Rain has managed to snag regulatory approval in the region.
In a recent blog post providing details with regards to what this approval means for Rain, the crypto exchange notes that it recently got the green light to go live. This approval came via the Central Bank of Bahrain (CBB) and the license that the exchange got was for the Crypto-Asset Module (CRA). This makes Rain the first exchange to attain such an achievement in the region.
“By becoming a licensed exchange, we are able to form more lasting relationships with our banking partners and payment processors. This has lead to more stable banking relationships, better pricing, lower fees, and more reliable deposit and withdrawal processes for our customers. We are very proud of this accomplishment as it leads to a more stable and safe service for cryptocurrency customers across the Middle East,” the post reads.
In addition to the successful acquisition of the license, Rain also announced that it managed to raise $2.5 million in funding. This was courtesy of the BitMEX VC initiative with Blockwater, the blockchain fun based in Kuwait, also adding to the pool, Cointelegraph reports.
Traditionally, the Middle East has been quite reticent to accept cryptocurrency even though it has been enthusiastic when it comes to blockchain, in general. A lot of this has to do with laws in the region that dictate the usage of currency when it comes to certain transactions. This is why receiving regulatory approval by Rain is such a big deal, especially for traders in the region.
It basically means that regulators have recognized Rain’s willingness to adhere to Islamic laws. As the exchange put it, it has “demonstrated our commitment to the terms of the encrypted assets unit in terms of capital adequacy, cybersecurity, insurance, reporting, governance and other matters that ensure our readiness to provide our services to both institutional and individual clients.”
