Crypto15 July, 20262 min read
Revolut Receives VARA In-Principle Approval To Offer Crypto Services In Dubai
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VARA grants Revolut in-principle approval to offer broker-dealer, management/investment, and exchange crypto services in UAE. Signals path to regulated crypto trading in UAE as Dubai expands its asset market.
UAE VARA Greenlight
Revolut said it has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer virtual asset services in the United Arab Emirates, a step toward regulated crypto trading in the country. The approval is for a Virtual Assets Service Provider Licence that would allow Revolut to offer broker-dealer, management and investment, and exchange services in the UAE through its retail app and the Revolut X exchange, subject to final regulatory approvals.
“Revolut said Wednesday that it has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for its Virtual Assets Service Provider Licence.”
Revolut’s head of Revolut Digital Assets FZE in the UAE, Joseph Khair, said the milestone “lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment,” and aligns with VARA’s aim for a “safe, transparent and innovation-driven” virtual assets ecosystem. Revolut said the UAE approval follows a green light from the Central Bank of the UAE for payment activities, and that the firm intends to build a locally regulated, end-to-end financial ecosystem in the emirate.
What Revolut Can Do
Revolut said that once final authorization is obtained from VARA, eligible UAE customers will gain access to buy, sell, and hold cryptocurrencies through the main Revolut app as well as the dedicated Revolut X exchange platform. LeapRate reported the approval allows the firm to offer broker-dealer, management and investment, and exchange services in the UAE, reinforcing Revolut’s expansion strategy after earlier approval this year from the Central Bank of the UAE for its payments activities.
In a Wednesday notice, Revolut said its services via the app and the Revolut X exchange would allow UAE-based users to buy, sell and hold digital assets. At the time of publication, Cointelegraph said VARA listed 51 companies licensed to offer crypto-related services in the UAE, with 22 entities granted in-principle approval, and it noted that in May VARA preliminarily approved Kraken’s parent company, Payward.
Europe and US Next
While Revolut pushes for crypto services in the UAE, it is also adjusting its crypto product lineup in Europe due to the European Union’s Markets in Crypto-Assets (MiCA) regulations. Bitget said Revolut has notified affected users that it will soon stop accepting deposits in Tether’s USDT and eventually remove the stablecoin entirely from eligible European Economic Area accounts, while impacted users retain the ability to sell or transfer their USDT holdings before services are discontinued.
“Revolut has notified affected users that it will soon stop accepting deposits in Tether’s USDT and eventually remove the stablecoin entirely from eligible European Economic Area accounts.”
Reuters, as cited by Bitget, reported that Revolut plans to apply for a national bank charter and launch a US bank next year, aiming to integrate FDIC-insured offerings with crypto trading, stablecoins, and multi-currency accounts. In the UAE, Revolut said its services remain subject to VARA’s ongoing oversight, including requirements around governance, financial health, technology, cyber security, risk management, and anti-money laundering controls.