Table of Contents
Rain MENA FZE, the Dubai arm of Bahrain-based crypto brokerage and custodian Rain, holds a full licence from Dubai’s Virtual Assets Regulatory Authority (VARA) for exchange and broker-dealer services. VARA’s public register shows it was issued on 5 October 2026, eight days before Rain announced it on 13 October.
Key takeaways
Rain MENA FZE, the Dubai arm of Bahrain-based crypto platform Rain, holds a full VARA licence for exchange services and broker-dealer services. VARA’s register shows it was issued on 5 October 2026 under reference VL/26/10/001.
Rain announced the licence on 13 October. The register date is eight days earlier, and one day before Kraken’s parent Payward was licensed (VL/26/10/002, 6 October).
Unlike Payward’s, Rain’s licence includes the exchange category. Rain says it covers margin trading and retail, qualified and institutional investors, and has given no Dubai launch date.
What the register shows
Rain MENA FZE is listed under reference VL/26/10/001 as a virtual asset service provider licence for exchange services and broker-dealer services. The licence condition allows it to serve institutional, qualified and retail investors. Its status is active, and the register gives its principal place of business as One Central, Dubai World Trade Centre.
Rain’s announcement gives neither a licence number nor an issue date. It says the broker-dealer permission includes margin trading, which lets clients borrow to take larger positions. The register lists the two activity categories without a separate margin line, and VARA advises checking the full record of regulated activities.
What a Virtual Assets Regulatory Authority licence is
VARA is Dubai’s regulator for virtual assets. It is the sole regulator of virtual assets across Dubai’s free zones and mainland, with the exception of the Dubai International Financial Centre, according to VARA’s website. Firms must be licensed to provide virtual asset services in or from the emirate, and licensed firms appear on VARA’s public register.
The application runs in two steps, which is why Rain announced an in-principle approval in May and the full licence in October. A licence covers only the activities listed on the register entry, and the firm must follow VARA’s rulebook for each one. Rain says it will operate under VARA’s rulebooks for exchange services and broker-dealer services.
Abu Dhabi has its own regulator for digital assets. Rain’s Abu Dhabi arm is supervised by Abu Dhabi Global Market’s financial regulator, so its VARA licence covers Dubai only.
One day before Kraken
The next reference, VL/26/10/002, belongs to Payward FZCO, the parent of the US exchange Kraken. Its register entry shows an issue date of 6 October, a day after Rain’s. Kraken announced its licence on 12 October.
The scope differs. Payward’s covers broker-dealer services and management and investment services. Rain’s includes exchange services, the category for operating a trading venue.
Rain and Kraken also have a commercial link. In June, Rain said it had launched tokenised equities with Kraken for customers of its Bahrain entity, under the Central Bank of Bahrain’s framework. Neither company has said it will extend to Dubai.
Rain’s route to Dubai
VARA granted Rain in-principle approval for exchange, broker-dealer and margin trading services on 7 May, Rain said at the time. Rain already holds a Category 3 crypto-asset services licence from the Central Bank of Bahrain and a permission from Abu Dhabi Global Market’s financial regulator, which Reuters reported in 2023.
Rain says it has more than 2 million customers and has processed more than $11 billion in volume since it was founded in 2017.
Laurent Girouille, director of Rain MENA FZE, said:
“We are a regional platform with global intent, and Dubai is where that becomes practical.”
Banking and funding
In May, Rain said Standard Chartered would provide banking services in Bahrain and the UAE, including segregated client money accounts and fiat settlement in dirhams, Bahraini dinars and US dollars. Rain’s Abu Dhabi arm also added Pay by Bank funding through Lean in May, under the UAE’s Open Finance framework.
What’s next
Rain hasn’t given a date for starting Dubai services, said which assets it will list, or what leverage it will offer on margin trading. It hasn’t said whether Rain MENA FZE will use the Standard Chartered accounts or the Pay by Bank funding route.
FAQs
What licence does Rain MENA FZE have?
A VARA virtual asset service provider licence for exchange services and broker-dealer services, reference VL/26/10/001, issued 5 October 2026.
When was the licence issued?
VARA’s register gives 5 October 2026. Rain announced it on 13 October.
What is the difference between exchange and broker-dealer services?
Exchange services cover operating a platform where virtual assets are traded. Broker-dealer services cover arranging or executing trades for clients. Rain holds both.
Does Rain hold other licences in the region?
Yes. Rain says it is licensed by the Central Bank of Bahrain, the ADGM Financial Services Regulatory Authority and VARA.
Can Dubai residents use Rain now?
Rain says the licence allows it to offer services to Dubai customers. It has given no launch date.
Editor’s Take: VARA’s register dates Rain’s licence 5 October, eight days before the announcement, and numbers it directly ahead of Kraken’s parent. Rain’s licence includes exchange services, which Payward’s does not, and Rain says it also covers margin trading. The register lists the two activity categories only, so margin terms and limits remain to be confirmed. Rain has given no launch date for Dubai or said which assets it will list. Its Bahrain-only tokenised equities with Kraken show the two already work together, though neither has said that extends to Dubai.