The Central Bank of Bahrain (CBB) has issued the Crypto-Asset Module (CAM) license to Rain, a Bahrain based crypto exchange firm, making it the first licensed crypto exchange in the Middle East.
Rain, founded by Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago, allows its users to sell, buy, and store the virtual currencies, including Bitcoin, Ripple, Litecoin, and Ethereum. Users in Bahrain, United Arab Emirates, Saudi Arabia, Kuwait, and Oman were able to buy the currencies through their debit or credit cards, with the use of their bank accounts. It was processed with the help of mobile applications or websites.
Post building contact with the CBB no sooner did the firm’s members reach the senior team of the regulator in a colloquium on cryptocurrency than they became the first exchange for enrolling the CBB’s Regulatory Sandbox Program.
Rain has closed a base funding round of USD 2.5MM co-led by BitMEX ventures. According to the reports, 1.5% of the transaction amount is charged a fee by the firm on purchases through banks. 4% fee is charged on the transactions through debit or credit cards.
Rain worked with CBB for the last two years and suggested various outlooks of the industry sector. Where exchanges are facing obstacles in attaining a license, Rain succeeded in gaining a green flag and marking its territory above others.