The 1st regulated crypto platform for mining “digital gold” has appeared in the Middle East – RAIN exchange

The Middle East saw the launch of the first platform designed to trade cryptocurrency assets, a crypto exchange called RAIN, which was also granted a special license by the regulator. The RAIN digital currency exchange confirmed on its blog that it has an official license from the Bahrain Central Bank. The exchange received this document a few days after it announced the very successful closing of a funding round worth two and a half million dollars. This project was launched with the partnership support, including from the venture capital division of the cryptocurrency derivatives exchange BitMEX. The blog states: “This license has enabled Rain to take a leading position among all the Middle East platforms involved in digital currency trading. Today, it is fully licensed by the regulatory authority and is also part of a close circle of platforms for trading cryptocurrency assets that have gained international recognition.” The company believes that: “Thanks to the licensing process, we were able to show our commitment to operating in specific situations: in terms of capital adequacy, insurance, cybersecurity, and all other issues that ensure our company’s readiness to provide various services to many clients.” Bahrain’s Rain Exchange, which is fully compliant with all Shariah laws, is the 1st firm to exit the Central Bank’s regulatory sandbox in February 2019. In March, support for XRP was added to complement trading in the following digital currencies: Bitcoin, Litecoin, and Ether.