Revolut has taken another big step in its crypto expansion, securing in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer virtual asset services in the UAE.
The approval covers broker-dealer, management, investment, and exchange services. Once Revolut clears the remaining regulatory steps, these services will roll out through its retail app and its standalone crypto exchange, Revolut X. In practice, that means eligible customers in the UAE will be able to buy, sell, and hold digital assets through a regulated setup.
This isn’t Revolut’s first move in the region this year. The company already picked up approval from the Central Bank of the UAE for its payments business, so this VARA nod builds on that and points to Revolut’s plan to run a fully regulated financial ecosystem in the country, covering everything from everyday payments to crypto trading.
Joseph Khair, who heads up Revolut Digital Assets FZE in the UAE, said the country has set a strong example when it comes to building clear, well-thought-out rules for virtual assets. He added that the approval gives Revolut a solid base to bring its crypto services into a regulated environment, in line with VARA’s push for a safe and innovation-friendly virtual assets market.
Revolut already serves over 16 million crypto customers worldwide and has built a name for itself as one of the more trusted platforms for crypto trading in the UK and the EEA. The UAE looks set to be next on that list.
With more than 75 million customers globally and a growing footprint in digital assets, this latest approval is a clear sign that Revolut wants the UAE to be a key part of its crypto strategy going forward.
READ MORE: UAE gets easier access to US AI chips: What changed and why it matters
