Crypto platform Rain plots Mena push

Bahrain-based cryptocurrency exchange and brokerage, Rain Financial, is planning to expand its operations across the Mena region including North Africa as well as Turkey and Pakistan.

The group, which is licensed in Bahrain, is also planning to develop an upgrade of its current platform and is currently in the process of seeking a license in the UAE.

The comments came from a virtual panel hosted by Rain and featuring its co-founders.

Rain became the first crypto exchange to be licensed, back in 2019, and co-founder Yehia Bedawy acknowledged that the company’s expansion will be dependent on local regulators.

“We wish to enter markets, in terms of dates, we are working currently on those plans, ultimately it is up to regulatory authorities to determine what the right date is,” he said.

“What we are seeing is greater understanding, perhaps more willingness to discuss this industry from regulators across the region, which is positive and promising for our industry,” added Bedawy.

Rain recently announced that its trading volumes had exceeded US$21 billion so far in 2021, a 20-fold increase on its 2020 figures, and it has more than 100,000 active users across Bahrain, Saudi Arabia, Kuwait, Oman and the UAE.

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