Rain, a Bahrain-based cryptocurrency exchange, on Tuesday declared its eminent graduation from the financial institution of Bahrain’s regulative Sandbox.
It is the primary cryptocurrency exchange to graduate the sandbox and is within the method of applying for the relevant licence, an announcement aforesaid.
Rain additionally declared that it’s passed a Shari’a compliance certification. The Shari’a compliance certification was completed by Shariyah Review Bureau (SRB) that is commissioned by the financial institution of Bahrain.
Rain was based in 2016 by four entrepreneurs Yehia Badawy, Abdullah Almoaiqel, AJ Horatio Nelson and Joseph Dallago World Health Organization shared a joint vision to make a totally Shari’a compliant exchange to supply trust for native cryptocurrency traders.
The Gulf Cooperation Council (GCC) – the economic union consisting of Kingdom of Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and therefore the United Arab Emirates – might have its 1st absolutely commissioned digital currency exchange by 2019. in line with reports, the Bahrain-based Rain has advised it’ll obtain a full operational license for the region.
Rain, backed by bitcoin developer Jimmy Song, launched in Nov 2017 as a part of the financial institution of Bahrain’s FinTech sandbox. however restraints within the sandbox have restricted Rain’s operational capabilities, prompting it to maneuver to full operations. The Gulf may be a conservative surrounding that has been notably exhausting on cryptocurrency startups thanks to the dearth of worldwide rules, high-profile thefts of crypto assets, and extreme market volatility.
The commission warns against commercialism within the Forex or what’s called Virtual currency for his or her negative consequences and high risks on the traders as they’re out of state management. The committee assured that virtual currency together with, as an example however not restricted to, the Bitcoins aren’t approved as official currencies within the kingdom and no parties or people square measure commissioned for such practices by regulators within the kingdom.
Though no fan of crypto, SAMA signed a partnership in with blockchain firm Ripple to use the company’s xCurrent package for cross-border payment settlement. The agreement aligned with the creation of a regulative sandbox for banks to check Ripple’s technology.
Almoaiqel said: “We square measure excited to open the Islamic markets to cryptocurrency with a Shari’a compliant exchange and a set of cryptocurrency investment opportunities. we tend to couldn’t be a lot of excitement to own graduated the sandbox and square measure terribly about to our public launch currently.”
“This may be a major milestone within the cryptocurrency and Islamic markets. this is often the implementation of Rain’s mission to supply the center East with a cryptocurrency exchange that meets the best standards in terms of regulation, accessibility, security and trust.
SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and keeper activities of Rain suits Shari’a principles.
Rain aforesaid it aims to deliver a lot of price with a Shari’a compliant cryptocurrency exchange. The Shari’a certification covers a set of 3 cryptocurrencies – bitcoin, ethereum, and litecoin.
Rain else that it expects to alter top-tier family offices, refined investors and Islamic institutional investors to shop for, sell and store cryptocurrency in a very Shari’a compliant method.
