Cryptocurrency exchange Rain Financial Group plans to expand operations across the MENA region. The process could take a few years and will depend on the regulatory structures in different countries, its founders said on Wednesday.

Rain, which has a Bahrain-based subsidiary Rain Management WLL, which crossed $1 billion in trades last month, wants to reach Middle East and North African territories as well as Turkey and Pakistan.

Co-founder Yehia Bedawy, said: “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. 

“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.”

Founded in 2016 by entrepreneurs Yehia Badawy, Abdullah Almoaiqel, Joseph Dallago and AJ Nelson, Rain became the first cryptocurrency exchange to secure a regulatory licence in the Middle East in 2019.

Bahrain subsidiary Rain Management, a crypto service provider, has more than 100,000 customers in the Gulf. 

Its work force has grown to 105 staff, and 90 percent of recent recruits are Bahraini nationals, the press conference heard.

Joseph Dallago, co-founder and CEO, reiterated the importance of regulation to improve understanding of crypto currency in the region: “This is part of a longer-term commitment in the company to form a really clear regulatory space for crypto in the region,” he said.

“We have identified that having been a licensed exchange is something that customers respect, institutions respect, regulators respect.

“It’s important that if this industry is going to reach mainstream adoption, that it is regulated and that customers have clarity about the legal status in the company and also the technology.”

Adam Nelson, co-founder and president, said the process of expanding across the region would most likely be “a multi-year effort”.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

 imogen.lillywhite@refinitiv.com

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