Revolut Moves Closer to UAE Crypto Launch with VARA In-Principle Approval

Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority to provide virtual asset services in the United Arab Emirates, expanding its regulatory presence in the country.

The approval comes as Dubai continues to expand its regulated digital asset market. Last year, the Securities and Commodities Authority and VARA aligned their licensing frameworks, allowing Dubai-issued crypto licences to operate more broadly across the UAE after meeting compliance requirements.

Finance Magnates has also reported on several firms, including MultiBank and CoinMENA, securing VARA authorisations as they expanded their presence in the emirate.

Revolut Nears UAE Crypto Services Launch

The approval covers broker-dealer, management and investment, and exchange services. It remains subject to final regulatory approvals before the company can begin offering the services.

According to Revolut, the planned offering will be available through its retail app and its standalone exchange, Revolut X. Eligible customers in the UAE would be able to buy, sell, and hold digital assets within the country's regulated framework once the required approvals are obtained.

The development follows another regulatory authorisation for the company earlier this year, when it received approval from the Central Bank of the UAE to conduct payments activities. Revolut said the two approvals support its plan to build a locally regulated financial ecosystem in the country.

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Revolut Advances Regulated Digital Asset Expansion

Joseph Khair, Head of Revolut Digital Assets FZE in the UAE, said the country continues to show "global leadership" in developing a regulatory framework for virtual assets. He added that the approval "lays the foundation" for Revolut to introduce its digital asset services in a regulated environment and supports VARA's objective of building a "safe, transparent, and innovation-driven" virtual asset ecosystem.

Revolut said it currently serves more than 75 million customers globally, including over 16 million crypto customers. The company already offers crypto trading services in the UK and the European Economic Area and plans to expand those services to the UAE after securing the necessary final approvals.