Rain VARA IPA Signals Renewed UAE Momentum

Rain MENA FZE has received In-Principle Approval from Dubai’s VARA for exchange, broker-dealer and margin trading services, potentially marking a renewed phase of activity for one of the Gulf’s earliest regulated crypto platforms.

Rain, one of the earliest crypto platforms to emerge from the Gulf, may be preparing for a more active phase in the UAE after its Dubai entity received In-Principle Approval from the Virtual Assets Regulatory Authority. The Rain VARA IPA covers Exchange Services, Broker-Dealer Services and Margin Trading, according to a company announcement dated May 7, 2026.

The approval allows Rain MENA FZE to progress toward a full VARA license and begin operational readiness in Dubai, subject to satisfying the regulator’s remaining conditions. This distinction matters. An IPA is not a final operating license, but it is an important step in VARA’s licensing process.

For Rain, the development adds Dubai to a regional journey that started in Bahrain and later expanded to Abu Dhabi Global Market. It also comes after a quieter period for the company’s public activity, making the approval a possible signal that Rain is preparing to regain visibility in the GCC’s regulated crypto market.

Rain VARA IPA Adds Dubai to a Wider GCC Footprint

Founded in 2017, Rain built much of its early identity around Bahrain, where it became one of the first regional crypto-asset platforms to operate under a formal regulatory framework. The company describes itself as a GCC-based crypto brokerage and custodian, with more than 2 million users and over $11 billion in processed volume since inception.

Rain later expanded its regulated presence to Abu Dhabi Global Market. The ADGM FSRA public register lists Rain Trading Limited as an active financial firm with FSP number 210063 and an FSP date of December 22, 2022. The register also lists regulated activities including providing custody and dealing in investments as principal for virtual assets.

The company’s latest Dubai announcement now places VARA alongside the Central Bank of Bahrain and ADGM FSRA in Rain’s regional regulatory narrative. However, Rain’s Dubai status remains at the in-principle stage, meaning the company must still complete VARA’s remaining requirements before it can operate fully under the approved activities.

A Step That Fits Rain’s Earlier Expansion Plans

Rain’s Dubai move also fits into the company’s earlier growth strategy. Unlock Blockchain previously reported that Rain raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins, with participation from investors including Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital. At the time, the company said the funding would support licensing expansion across MENA, Turkey and Pakistan, along with technology and team growth.

Seen from that perspective, the Rain VARA IPA is not an isolated announcement. It may represent the continuation of a broader expansion plan that had become less visible publicly but remained tied to Rain’s positioning as a regulated regional platform.

Beyond the GCC, Rain also appears to maintain a presence in Turkey. Turkey’s Capital Markets Board lists Rain Kripto Varlık Alım Satım Platformu AŞ / Rain Yazılım ve Ticaret AŞ among operating crypto-asset service providers.

Renewed Visibility After a Quieter Period

Rain’s latest Dubai approval comes after a period in which the company was less visible in regional announcements than it had been during its earlier expansion phase.

Unlock Blockchain has followed Rain’s journey for years, from its Bahrain roots and major funding round to its UAE regulatory expansion. In 2024, Unlock also reported on a security incident involving Rain, while noting the role of regulatory frameworks and customer protection in the response.

That incident should not define Rain’s current story. Security challenges have affected several centralized crypto platforms globally, and the more relevant question now is whether Rain’s VARA IPA marks a return to stronger product, regulatory and market activity.

If Rain progresses from IPA to a full VARA license, Dubai could become an important part of its next chapter, especially because the approval covers not only exchange and broker-dealer services, but also margin trading.

Why Margin Trading Matters

The inclusion of margin trading is notable because it points to a potentially broader product strategy in Dubai. VARA’s market has become increasingly competitive, with global and regional exchanges seeking to build regulated operations in the emirate.

For Rain, margin trading could help reposition the platform beyond basic brokerage and custody services, particularly if the company aims to serve more active traders and higher-volume clients. However, any commercial rollout remains subject to regulatory completion.

Laurent Girouille, Director of Rain MENA FZE, said regulation is “the foundation of trust” in the industry, adding that Rain’s position across CBB, FSRA and now VARA reflects the standards built into the company.

For Dubai, Rain’s IPA adds another regional player to the emirate’s regulated virtual asset pipeline. For Rain, it may represent something more important: an opportunity to turn a quieter period into renewed activity across the GCC.

The next test will be whether the company can move from in-principle approval to a full VARA license, and whether that regulatory progress translates into new products, stronger market visibility and a more active role in the UAE’s evolving crypto landscape.