Revolut receives VARA in-principle approval for UAE crypto

Fintech company Revolut has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer regulated cryptocurrency services in the United Arab Emirates, the company announced on July 15. The preliminary approval marks a significant step for the company’s expansion in the Arab world’s second-largest economy and follows a separate payments licence it received from the UAE’s central bank in June.

The approval allows Revolut to proceed toward offering broker-dealer, management and investment, and exchange services for virtual assets, pending final regulatory sign-off from VARA. Once fully licensed, eligible customers in the UAE will be able to buy, sell, and hold digital assets through Revolut’s main app and its standalone trading platform, Revolut X. Company officials stated that the crypto authorization and the earlier payments licence are part of a singular plan to build a comprehensive, locally regulated financial platform in the country.

Joseph Khair, head of Revolut Digital Assets FZE in the UAE, said the approval lays the foundation for introducing the company’s virtual asset services within a regulated environment. He added that it supports...