Rain Receives VARA IPA for Exchange, Broker-Dealer and Margin Trading Services

Rain, the Middle East regulated crypto-asset platform, announced that its Dubai entity, Rain MENA FZE, has received In-Principle Approval (IPA) from Dubai's Virtual Assets Regulatory Authority (VARA). The IPA covers Exchange Services, Broker-Dealer Services, and Margin Trading, marking Rain's formal entry into the Dubai market under VARA's regulatory framework.

The approval completes Rain's regulatory footprint across the Gulf Cooperation Council. The company now holds what it describes as the full set of regulatory licences available to a crypto-asset platform in the GCC: the Central Bank of Bahrain (CBB), Abu Dhabi Global Market's Financial Services Regulatory Authority (ADGM FSRA), and VARA in Dubai.

With the IPA in place, Rain MENA FZE can move toward obtaining a full VARA licence and begin operational readiness for exchange, broker-dealer and margin trading services in Dubai. The company said the approval also positions it to offer margin trading in the emirate, expanding the product range available to its regional customer base.

Laurent Girouille, Director of Rain MENA FZE, said the firm's regulatory standing is the result of the standards built into Rain. He added that holding every current GCC licence means customers can operate across the region on a single trusted platform.

Rain was founded in 2017 and describes itself as a leading GCC-based crypto brokerage and custodian. The company reports more than 2 million users and over $11 billion in processed volume since inception. In addition to its GCC licences, Rain is registered with MASAK in Turkey, with more jurisdictions expected to follow.