Rain exchange which is a Bahrain-based cryptocurrency exchange has become the world’s first Middle Eastern crypto exchange company to hold a legitimate license from a local regulator.
The license could not have come at a more opportune moment for Rain as it had recently announced the completion of a successful funding round worth around $2.5 million. The license was issued by the Central bank of Bahrain, the financial regulator of the country.
Having something like a trading company get a license in the Middle East is always a big deal especially if it has something to do with cryptocurrencies.
The reason is quite simple that the local laws and sentiment of the population, among which are the policymakers, is quite hostile towards anything resembling financial speculation and lending. It is frowned upon by Middle Eastern countries almost unilaterally.
Rain getting the license is all the more newsworthy in this case as the region is full of market makers, whales and regular investors yearning for a local exchange they can pile their savings in.
Regardless of how many countries Rain will cover, it is obvious that most of the region’s investors will start visiting it sooner or later, which could potentially make it one of the largest exchanges available in the crypto market.