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

Dubai’s Virtual Assets Regulatory Authority awarded Rain MENA FZE an in‑principle license to operate as an exchange, broker‑dealer and margin‑trading provider. The approval follows prior authorizations from Bahrain’s Central Bank and Abu Dhabi Global Market’s FSRA, giving Rain a full suite of GCC crypto licenses.

Laurent Girouille, director of Rain MENA FZE, said regulation builds trust and that holding every current GCC license lets customers use a single trusted platform. Rain reports more than $11 billion in cumulative trading volume since its 2017 launch and serves over two million users across the region. The VARA in‑principle status means the firm has satisfied preliminary requirements on capital, anti‑money‑laundering controls and custody arrangements. It allows Rain to build the technology and operational framework needed for a full exchange and margin‑trading license. As of early September 2025, Bitcoin (BTC‑USD) traded near $27,300, up about 2% over the prior week, while the total cryptocurrency market capitalization hovered around $1.2 trillion.

With the VARA in‑principle approval, Rain can now prepare to launch spot trading, broker‑dealer services and margin products in Dubai, expanding its product suite beyond the spot‑only offerings currently available in Bahrain and Abu Dhabi. A unified license set lets the platform attract institutional clients who prefer a single regulated counterparty for cross‑border GCC transactions, potentially increasing its share of the region’s growing crypto‑trading activity. Regulators may view Rain’s comprehensive licensing as a model for other firms seeking multi‑jurisdictional approval, which could spur further standardization of crypto rules across the Gulf. Investors will watch for Rain’s transition to a full VARA operational license and the subsequent launch of its Dubai‑based exchange and margin‑trading platform, expected later in 2025.