The Middle East and North Africa (MENA) witnessed a rapid rise in crypto asset adoption. Chainalysis, a blockchain analytics platform, reported that MENA countries accounted for 9.2 per cent of global digital currency transactions from July 2021 to June 2022, equivalent to $566 billion, an increase of 48 percentage points over the twelve months prior, which exceeds any other region globally. Rain, as the first licensed crypto asset platform and custodian in the Middle East, is committed to building the adoption and infrastructure of this industry in the region.
Unlike traditional assets, crypto assets are decentralised and not backed by a central entity, strengthening the industry’s security and governance, which can drive unprecedented innovations, particularly in the Web 3.0 space. This industry has been diffusing globally as, according to the Library of Congress of the US, there are 103 countries that have taken up initiatives for developing crypto regulations to localise the benefits that this industry can offer in their countries.
Rain believes that regulations play a pivotal role in this space to strengthen confidence in this industry and drive its adoption. Joseph Dallago, the Co-founder, and CEO of Rain, affirms that the regulation is deeply valued by the company: “We think that there are cases where regulation can foster innovation and technology adoption, which occur through strong and frequent engagement between private sector players and the government.” This engagement model has worked in this region. For example, in early 2019, Rain worked with the Central Bank of Bahrain (CBB) to develop its Crypto Asset Module, a regulatory framework to govern crypto assets in Bahrain.
Rain holds the mission of setting out to provide trusted, reputable, and easy-to-use access to crypto assets. Rain believes that the crypto industry will evolve over time as more technologies, particularly in the Web 3.0 space, are developed with clear use cases for the general public. Currently, Rain provides users access to various crypto assets on its platform, which is unlocking tremendous opportunities for the investors and public.