Bahrain’s cryptocurrency exchange Rain has become the first first platform for trading cryptoactive assets in the Middle East, which received a regulator’s license.
In her blog, Rain confirmed that she received the Crypto-Asset Module (CRA) license from the Central Bank of Bahrain. The license was obtained a few days after Rain announced the successful closure of a $ 2.5 million round of financing with the support of partners, including the venture financing unit of the BitMEX cryptocurrency exchange. The blog post states:
“Thanks to this license, Rain became the first platform for trading cryptocurrencies in the Middle East, fully licensed by the regulatory authority, and joined a narrow circle of internationally recognized cryptoactive trading platforms.”
The company also notes:
“Through licensing, we have demonstrated a commitment to working under certain conditions in terms of capital adequacy, cyber security, insurance, accountability, management, and other issues that ensure our willingness to provide services to both institutional and individual clients.”
The rain cryptocurrency exchange in Bahrain, corresponding to Sharia law, was the first company to be released
from the regulatory sandbox of the Central Bank of the country in February this year. In March, the site added
XRP support in addition to trading in BTC, LTC and ETH.
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