siliconindia | | November 201919RAIN FINANCIAL SERVES BOTH RETAILS AND INSTITUTIONS, ENABLING EXCHANGES OR WITHDRAWALS IN A REGULATORY-COMPLIANT MANNER FOR THE LOWEST FEES IN THE REGIONThe CBB Implements Crypto Asset Rules Bahrain's vigorous efforts in upscaling its fintech space had placed it in a position to be open to innovative and novel fintech advancements, thus welcoming crypto-asset into its ecosystem. This being the first, the CBB based on sandbox consequences, developed crypto-asset rules that deal with the rules for licensing, governance, minimum capital, control environment, risk management, AML/CFT, standards of business conduct, avoidance of conflicts of interest, reporting, and cybersecurity for crypto-asset services. Moreover, for those licensed by the CBB as crypto-asset exchanges, the regulatory framework also contains rules relevant to order matching, pre and post trade transparency, measures to avoid market manipulation & market abuse, and conflicts of interest. Thus, on graduating from the sandbox receiving a seed round funding of $2.5 million (rounds that were co-lead by BitMex Ventures and Kuwait-based crypto currency fund, Blockwater and other regional participants include Vision Ventures, 500 Startups MENA, and Taibah Valley), Rain Financial deemed to become the first to bring crypto currency to Bahrain and the Mid-East.Headquartered in the Kingdom of Bahrain, offering services to customers from all over the Mid-East, Rain Financial aims to further its services beyond horizons depending on the availability of suitable regulations in those regions as well. Citing better grip over the crypto based on extensive prior experiences, Rain Financial's founders Yehia Badawy, AJ Nelson, Joseph Dellago & Abdullah have alluded further scope for the company in terms of expansion to take-on new markets. Abdullah states, "Our plans going forward is just expansion and opening branches in other GCC areas, in the MENA region in general. We also do hold special interest in India, as it is one of the biggest markets in the world, but lacks the regulations as of now. However, in the long run, anything we do will always involve bit coin and other crypto assets, and we will be that company base that connects clients through the traffic in and out of this system, making us excited over what is to happen over the next two decades".
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