Revolut has secured in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to expand its regulated crypto business in the United Arab Emirates. According to a company announcement on Tuesday, the approval allows Revolut to move toward offering virtual asset broker-dealer, management, investment, and exchange services in the UAE, subject to receiving final authorization from VARA. This marks another regulatory milestone in the fintech's global digital asset strategy.
Once fully licensed, eligible customers in the UAE will be able to buy, sell, and hold digital assets through Revolut's main retail app and its dedicated trading platform, Revolut X. As reported by the company, the latest approval follows an earlier authorization from the Central Bank of the UAE for Revolut's payments business, as the fintech continues building a locally regulated financial platform in the country. Joseph Khair, head of Revolut Digital Assets FZE, UAE, noted that the UAE has established "a robust and transparent framework for virtual assets" and that the approval creates the foundation for launching regulated crypto services.
The UAE approval is part of Revolut's broader strategy to adapt its crypto business to local regulatory requirements across multiple markets. According to reports, outside the UAE, Revolut has continued to adapt its crypto business to local regulatory requirements across several markets. Earlier this month, the company confirmed it would remove Tether's USDT from eligible European accounts after the European Union's Markets in Crypto-Assets (MiCA) framework entered full enforcement, with affected users having until August 31 to sell or transfer their USDT before the stablecoin is removed from supported accounts.
The UAE approval also comes as Revolut continues preparing for its U.S. expansion, with Reuters reporting in June that the fintech plans to launch a U.S. bank next year after filing for a national bank charter with the Office of the Comptroller of the Currency. According to Reuters, the planned platform will combine FDIC-insured banking products with crypto trading, stablecoins, and multi-currency services. This expansion strategy demonstrates Revolut's commitment to building a comprehensive regulated financial platform across multiple global markets.
