UK-based fintech giant Revolut has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer cryptocurrency services in the United Arab Emirates, moving the company a step closer to launching digital asset services in the region.
What the Approval Covers
According to a notice issued on Wednesday, the VARA clearance follows an earlier green light from the Central Bank of the UAE for payment activities. The in-principle approval covers three service categories: broker-dealer operations, management and investment services, and exchange services. Revolut said UAE-based users will be able to buy, sell, and hold digital assets through both the main Revolut app and the Revolut X exchange platform.
Joseph Khair, Revolut’s head of digital assets in the UAE free zone establishment, commented: ‘This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment.’
UAE Regulatory Landscape
At the time of publication, VARA listed 51 companies holding full licences to offer crypto-related services in the UAE, with 22 entities holding in-principle approval, including Revolut. In May, VARA also preliminarily approved Payward, the parent company of cryptocurrency exchange Kraken, with a full regional launch expected soon.
The distinction matters. In-principle approval signals VARA’s intent to license rather than permission to operate, and firms must still complete the regulator’s remaining requirements before serving customers. Payward received its preliminary nod two months ago and has yet to fully launch.
Revolut’s Broader Expansion Push
The UAE regulatory nod follows Revolut obtaining a UK banking licence in March. The London-headquartered company still has applications pending for a US banking charter and a licence in Peru as part of its ongoing global expansion programme.
USDT Delisting Looms for European Users
The UAE approval arrives as Revolut narrows its crypto offering elsewhere. Last week, a Revolut spokesperson confirmed the company plans to delist Tether USDt (USDT) starting in August for users in the European Economic Area and Switzerland. The decision followed a review of Revolut’s crypto services and risk considerations under the European Union’s Markets in Crypto-Assets (MiCA) framework, which required companies offering digital asset services to obtain a licence by July 1.
The two moves point in opposite directions: Revolut is working toward opening a crypto business in the Gulf while pulling the largest stablecoin from its European users to satisfy that region’s rules.
