Crypto exchange Rain has obtained a license to operate a virtual asset brokerage and custody service for its clients in the United Arab Emirates,.

"Today, Rain is launching in the UAE, as the first licensed retail exchange," Joseph Dallago, CEO and co-founder of the Bahrain-based company, tweeted on Tuesday. "This is a 5 year effort, as we were one of the first exchanges to enquire about licensure back in 2018, when the ADGM released their virtual asset framework," referring to the Abu Dhabi Global Market financial freezone.

The license means Rain's Abu Dhabi-based unit can offer institutional clients and some retail clients in the UAE the ability to buy, sell and store virtual assets, Reuters reported.

Abu Dhabi is considered a crypto hub thanks to its clear regulations. Rain, which is backed by crypto exchange Coinbase, laid off dozens of employees last year due to the crypto winter.

Rain raised $110 million last year in a Series B funding round that valued the firm at $500 million. It is hoping to attract institutional clients and will also be able to open a bank account in the UAE plus enable clients to fund their own accounts, co-founder Yehia Badawy said in an interview with Reuters on Tuesday.

Jack Schickler contributed to reporting.

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