Revolut receives in-principle approval from UAE authorities for crypto servicesDubai’s Virtual Assets Regulatory Authority approved the London-headquartered fintech company for broker-dealer, management and investment, and exchange services in the UAE.
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Revolut, a London-based fintech company, has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to provide crypto services in the United Arab Emirates. This approval enables Revolut to offer broker-dealer, management and investment, and exchange services for digital assets to users within the UAE. The move follows prior clearance from the Central Bank of the UAE for payment activities, marking a significant regulatory milestone for Revolut’s expansion in the region.
The company plans to deliver these services through its app and the Revolut X exchange, allowing users in the UAE to buy, sell, and hold cryptocurrencies within a regulated framework. Joseph Khair, Revolut’s head of digital assets in the UAE free zone, emphasized that this approval sets the stage for the firm to introduce its trusted virtual asset offerings while complying with local laws. This approval comes shortly after Revolut obtained a UK banking license in March and amid ongoing applications for banking charters in the US and licensing in Peru.
VARA currently lists 51 firms licensed to offer crypto services, with 22 having in-principle approval. The regulator’s approval of Revolut aligns with similar steps taken for other major crypto entities, including the preliminary approval of Kraken’s parent company Payward, signaling growing institutional participation in the UAE’s crypto market. This regulatory environment reflects the UAE’s broader commitment to developing a secure and well-regulated virtual assets sector.
Separately, Revolut recently announced it would delist the stablecoin Tether (USDT) from its platform in the European Economic Area and Switzerland starting August. This decision follows a review under the EU’s Markets in Crypto-Assets (MiCA) regulatory framework, which requires licensed operation by July 1, highlighting Revolut’s efforts to align its services with evolving regional regulations. Overall, these developments point to Revolut’s strategic approach to regulatory compliance and geographic expansion in the crypto sector.