A timeline of crypto’s rise in the GCC

The journey of crypto in the GCC is relatively new but impactful. What started as cautious exploration has evolved into a structured industry defined by safety and innovation. This timeline highlights the key moments in that evolution.

2017: The first step toward regulation

While global markets buzzed with Bitcoin, the Central Bank of Bahrain (CBB) took a practical approach by launching its regulatory sandbox. That same year, Rain was founded and became the first crypto asset company to enter the sandbox, marking the region's first concrete step toward regulated crypto services.

2018: Building the framework

This year was dedicated to laying the groundwork. Rain underwent rigorous third-party reviews to meet the sandbox's requirements. Simultaneously, the CBB drafted regulations, gathering feedback from early participants to ensure the rules were both secure and practical. This collaboration set the precedent for how regulators and private companies could work together.

2019: A regional breakthrough

A historic milestone arrived when the CBB published its final crypto-asset regulatory framework. Rain graduated from the sandbox to become the first licensed crypto-asset service provider in the Middle East. This proved to the financial world that crypto could operate within a safe, legal structure, opening the door for the digital economy in the GCC.

2020: Scaling up

As the world shifted online, digital adoption in the region soared. Rain closed a USD 6 million Series A funding round, reflecting growing investor confidence. By the second half of the year, Rain exceeded USD 100 million in cumulative trading volume, proving the appetite for crypto was real and that the regulatory model pioneered in Bahrain could support significant activity.

2021: Explosive growth

Momentum hit new heights during the 2021 bull market. Rain’s trading volume exceeded USD 1 billion in the first half of the year alone. That same year, Rain raised USD 110 million in its Series B funding round. This period marked a turning point where the GCC became an active contributor to the global industry rather than just a newcomer.

2022: Consolidation and awareness

The focus shifted toward strengthening regulations and increasing public awareness. Governments deepened their understanding of blockchain technology while companies like Rain expanded educational initiatives. This groundwork created smoother conditions for future growth, ensuring new investors had access to reliable knowledge.

2023: Expansion into the UAE

Rain officially launched its regulated services in the UAE after obtaining its license from the Abu Dhabi Global Market (ADGM). This expansion highlighted the growing recognition of crypto across the region, with the UAE establishing itself as a leader alongside Bahrain.

2024: Institutional interest grows

By 2024, the focus shifted toward institutional adoption. More governments and financial bodies began exploring blockchain pilots and policies. The foundational work in Bahrain and the UAE encouraged neighboring countries to view crypto as a mainstream component of their future financial strategies.

2025: Global alignment and future strength

This year marked a major shift as the US enacted the GENIUS Act to regulate stablecoins and established a Strategic Bitcoin Reserve. These actions validate the "safety-first" model pioneered by Bahrain and the UAE, aligning global standards with the GCC’s existing frameworks. This convergence encourages institutional capital to flow into the region, positioning the GCC as a central pillar of the future global digital economy.

The GCC has progressed from an experimental sandbox in 2017 to widespread adoption today. Through the combined efforts of regulators and innovators, the region has built a robust foundation where crypto is integrated, safe, and ready for the future.