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Rain crypto exchange has secured a regulatory license from United Arab Emirates (UAE) authorities. 
Rain Exchange, a Bitcoin (<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>) trading venue headquartered in Bahrain, has secured regulatory approval from UAE authorities to operate its digital assets brokerage and custody platform. 
According to a July 25 report by Reuters, the approval will make it possible for the Coinbase Ventures-backed Rain to offer crypto trading and storage services for retail and institutional clients in the UAE. The exchange will also be able to open a bank account in the region and offer customers crypto-fiat exchange services. 
Founded during the crypto summer of 2017, Rain is backed by Coinbase Ventures and Kleiner Perkins. The exchange’s valuation skyrocketed to $500 million following a successful Series B round that <a href="https://www.rain.com/learn/rain-financial-raises-usd-110-million-in-series-b-funding" data-type="URL" data-id="https://www.rain.com/learn/rain-financial-raises-usd-110-million-in-series-b-funding" target="_blank" rel="noopener noreferrer nofollow">raised</a> $110 million in 2022. 
<h2 class="wp-block-heading" id="uae-attracting-web3-firms">UAE attracting web3 firms&nbsp;</h2> 
The United States has been quite reluctant to formulate clear-cut and amenable crypto laws to foster the growth of innovative technologies. Together with countries like China, it took the <a href="https://crypto.news/senator-kennedy-jr-confronts-secs-gary-gensler-on-crypto-regulation/" rel="noopener noreferrer nofollow">enforcement-style</a> regulatory approach instead. The United Arab Emirates has taken an entirely <a href="https://crypto.news/uae-grant-federal-crypto-licenses-vasp/" rel="noopener noreferrer nofollow">different route</a>. 
 You might also like: <a href="https://crypto.news/dubai-deepens-crypto-ties-with-proposed-bitcoin-tower-hotel/" rel="noopener noreferrer nofollow"> Dubai deepens crypto ties with proposed Bitcoin Tower Hotel </a> 
Earlier in April, the UAE’s Securities and Commodities Authority (SCA) <a href="https://crypto.news/uae-to-issue-licenses-for-businesses-with-virtual-assets-services/" rel="noopener noreferrer nofollow">mandated</a> that all crypto-focused businesses outside the Abu Dhabi Global Market financial free zone obtain a virtual asset service provider (VASP). 
The presence of friendly digital assets rules has made the UAE a hotbed for web3 firms, with notable companies like <a href="https://crypto.news/crypto-exchange-gemini-announces-expansion-into-uae-market/" rel="noopener noreferrer nofollow">Gemini</a> crypto exchange, OKX, and <a href="https://crypto.news/binance-sets-sights-on-uae-as-key-operational-hub/" rel="noopener noreferrer nofollow">Binance</a>, amongst others, now expanding operations to the region. 
In related news, earlier this month, Dubai’s Virtual Asset Regulatory Authority (VARA) <a href="https://crypto.news/dubai-withdraws-crypto-exchanges-license-for-non-compliance/" rel="noopener noreferrer nofollow">suspended</a> BitOasis from operating in the city, accusing the crypto brokerage firm of failing to adhere to regulatory standards. 
 Read more: <a href="https://crypto.news/dubai-calls-for-more-collaboration-between-watchdogs-to-combat-scams/" rel="noopener noreferrer nofollow"> Dubai calls for more collaboration between watchdogs to combat scams </a>

Coinbase-backed Rain secures crypto license in UAE

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