Rain Secures VARA In-Principle Approval, Completing Full GCC Crypto License Set

TL;DR: Rain’s Dubai entity received VARA in‑principle approval for exchange, broker‑dealer and margin trading services, completing its set of licenses across Bahrain, Abu Dhabi and Dubai. The approval enables the platform to offer a unified, regulated crypto experience to its 2 million+ users.

VARA’s in‑principle approval hands Rain the legal green light to run an exchange, broker‑dealer and margin desk in Dubai. An IPA lets a firm prepare for a full operational license while meeting VARA’s conditions on capital, governance and technology standards. Rain already holds a license from the Central Bank of Bahrain and approval from the Abu Dhabi Global Market’s FSRA, giving it credentials in all three major GCC financial hubs.

Laurent Girouille, director of Rain MENA FZE, said, “Regulation is the foundation of trust in this industry. Holding every current GCC license with CBB, FSRA and now VARA is a direct result of the standards we have built into Rain. It means our customers can operate across the region on a single, trusted platform.” Rain reports more than 2 million registered users and over $11 billion in cumulative trading volume since its 2017 launch. In market terms, Bitcoin (BTC) traded around $27,300, up roughly 1.2% in the 24 hours after the announcement, giving it a market cap near $530 billion; Ethereum (ETH) hovered near $1,800, up about 0.9%, with a market cap close to $220 billion. Coinbase (COIN) shares rose 0.8% to $58.30, reflecting broader sentiment toward regulated crypto service providers.

With the VARA IPA, Rain can now move toward a full operational license and begin launching its exchange and broker‑dealer services in Dubai. The added margin‑trading permission expands the suite of sophisticated products available to its regional user base. The unified licensing framework lets Rain offer a single platform for customers navigating Bahrain, Abu Dhabi and Dubai, potentially attracting institutional investors seeking regulated exposure. The firm must still satisfy VARA’s remaining conditions—such as finalizing risk controls and audit reports—before transitioning to a full license.

Investors will watch for Rain’s transition to a full VARA license and the launch of its Dubai‑based exchange later this year.