Revolut Secures In-Principle Nod for Crypto Services in UAE

Revolut has been granted in principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to launch crypto-related services across the United Arab Emirates.

Regulatory Scope of the Approval

The nod covers broker dealer activity, investment and asset management, and exchange operations. This clearance builds on an earlier green light from the Central Bank of the UAE for payment-related activities, giving Revolut a broader regulatory base to operate from in the region.

What This Means for UAE Users

Once fully licensed, Revolut plans to let UAE customers buy, sell, and hold digital assets through both its main app and its dedicated Revolut X exchange platform. Joseph Khair, who heads digital assets for Revolut’s UAE free zone unit, said the approval creates a foundation for offering established crypto products within a properly regulated setup.

Part of a Wider Global Push

The UAE approval comes months after Revolut secured a UK banking license in March. The fintech firm is still awaiting decisions on a US banking charter and a licensing application in Peru.

VARA’s public register currently lists 51 firms holding crypto licenses in the UAE, with 22 more holding in-principle status, including Kraken’s parent company, Payward, approved earlier this year.

Separately, Revolut confirmed it will remove Tether’s USDT stablecoin for users in the European Economic Area and Switzerland starting next month, citing compliance requirements under the EU’s MiCA rules.