The Rain Crypto-Exchange received the license from the Central Bank of Bahrain. Thus, it has become the first trading platform with a regulator’s license complying with Sharia law. Thus, it can offer a trade in cryptocurrency assets in the Middle East.
About obtaining a Crypto-Asset Module (CRA) license, the exchange confirmed in its blog. A few days before, Rain, with the support of partners, successfully closed a round of financing in the amount of $ 2.5 million. It is reported that BitMEX cryptocurrency derivatives and the Kuwaiti Blockchain-Blockwater fundchain contributed to the financing.
The blog emphasizes that the CRA license allowed Rain to become the first cryptocurrency platform in the Middle East. Thus, she joined a limited number of internationally recognized trading platforms.
For a cryptocurrency business, the Middle East market is a rather complicated environment, since certain types of transactions are prohibited by the laws of Islam. In addition, different jurisdictions express conflicting opinions about the compliance of cryptocurrency with the norms condemning speculation and lending.
In her blog, the Bahraini cryptocurrency exchange, Rain, didn’t focus on the above problem. On the contrary, it emphasized her position as a fully licensed operator. It is able to establish contacts with local banks and ensure the provision of her services to both individual and institutional clients.