Key facts
- Revolut received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA).
Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer broker-dealer, management and investment, and exchange services in the UAE. This follows a green light from the UAE Central Bank for payment activities.
The approval signifies Revolut's expansion into the Middle East's growing digital asset market, positioning it to offer regulated crypto services to UAE users. It also highlights Dubai's continued efforts to establish itself as a hub for virtual asset activities.
London-headquartered fintech company Revolut has secured in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer a range of cryptocurrency services within the United Arab Emirates. This significant development follows an earlier green light from the UAE Central Bank for the company's payment activities.
VARA's approval specifically covers broker-dealer, management and investment, and exchange services. Revolut stated that its offerings through its app and the Revolut X exchange will allow users based in the UAE to engage in the buying, selling, and holding of digital assets. Joseph Khair, Revolut’s head of digital assets in the UAE free zone establishment, expressed that this approval establishes a foundation for introducing their virtual asset services within a regulated framework.
This regulatory milestone in Dubai comes after Revolut obtained a UK banking license in March and as it pursues similar applications for a US banking charter and licensing in Peru. VARA's registry currently lists 51 companies licensed for crypto services in the UAE, with 22 entities having received in-principle approval, including Kraken's parent company, Payward, which was preliminarily approved in May.
In separate news, Revolut announced plans to delist the Tether USDt stablecoin from its services in the European Economic Area and Switzerland starting in August. This decision stems from a review of its crypto services and risk considerations under the EU's Markets in Crypto-Assets (MiCA) framework.
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