Revolut receives inprinciple approval for UAE crypto
Revolut receives inprinciple approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer broker-dealer, management and investment, and exchange crypto services in the UAE, following an earlier Central Bank of the UAE green light for payment activities in the country. The London-headquartered fintech said eligible UAE users would be able to buy, sell and hold digital assets through its app and Revolut X exchange.
Key Takeaways
- Dubai’s VARA granted Revolut in-principle approval for broker-dealer, management and investment, and exchange services in the UAE.
- The nod follows Central Bank of the UAE approval for Revolut’s payment activities.
- Services are planned via Revolut’s retail app and its standalone Revolut X exchange.
- Joseph Khair, Revolut’s head of digital assets in the UAE free zone, said the step lays a regulated foundation for virtual asset services.
- VARA currently lists 51 licensed crypto firms and 22 entities with in-principle approval.
For more fintech and digital-asset regulation coverage, see BlasterPost Fintech & Crypto Alerts.
What exactly did UAE authorities approve?
According to a Wednesday company notice reported by Cointelegraph, Revolut received in-principle approval from VARA to offer broker-dealer, management and investment, and exchange services in the United Arab Emirates.
The approval is the crypto counterpart to Revolut’s earlier Central Bank of the UAE clearance for payment activities. Together, the steps signal the UK-based firm’s push to operate under local rules rather than as a purely offshore product.
Revolut said its app and Revolut X would let UAE-based users buy, sell and hold digital assets once the relevant services are available under that framework.
Why does Revolut’s UAE crypto nod matter?
In-principle approval is not the same as a finished retail launch, but it is a clear regulatory milestone in one of the region’s most active virtual-asset markets. VARA oversees Dubai’s digital-asset regime, and Revolut joining its pipeline puts a major global neobank closer to regulated crypto distribution on the ground.
“This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment,” said Joseph Khair, Revolut’s head of digital assets in the UAE free zone establishment.
Context from the regulator’s public list underscores how contested the market already is: at publication, VARA named 51 companies licensed for crypto-related services, with 22 holding in-principle approval. In May, it also preliminarily approved cryptocurrency exchange Kraken’s parent, Payward.
How does this fit Revolut’s wider expansion?
The UAE move follows Revolut securing a UK banking license in March. Cointelegraph noted that the firm still has similar applications pending for a US banking charter and licensing in Peru as part of its growth plans.
Separately, Revolut has been tightening European crypto product risk under the EU’s Markets in Crypto-Assets (MiCA) rules. A company spokesperson told Cointelegraph last week that Revolut planned to delist Tether’s USDt (USDT) from August for the European Economic Area and Switzerland after a MiCA-linked review.
That backdrop makes the UAE approval notable: while Revolut recalibrates some crypto offerings in Europe, it is simultaneously stacking local payments and virtual-asset permissions in the Emirates. Readers tracking regulated fintech expansion can follow related updates in our Fintech & Crypto Alerts section.
What should UAE and international users watch next?
Customers should treat this as a regulatory go-ahead stage, not an automatic product switch. Full availability of broker-dealer, investment, and exchange features will depend on Revolut completing the steps implied by VARA’s process and rolling services out through the app and Revolut X.
Until launch timing is confirmed by the company, the concrete takeaway remains straightforward: Revolut has cleared an important UAE crypto gateway, pairing it with existing payments approval, and positioning regulated digital-asset trading for eligible users in the Emirates.