Revolut receives VARA approval for UAE virtual asset services

Revolut has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority to expand its regulated crypto business in the United Arab Emirates, adding another regulatory milestone to its global digital asset strategy.

Summary

• Revolut has received in principle approval from Dubai’s VARA to offer regulated virtual asset services in the UAE.
• The company plans to launch crypto trading, exchange, and investment services through its app and Revolut X after final regulatory approval.
• The approval follows recent regulatory moves in Europe and the United States as Revolut expands its crypto business across regulated markets.

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 Dubai’s Virtual Assets Regulatory Authority (VARA).

Once fully licensed, Revolut said eligible customers in the UAE will be able to buy, sell, and hold digital assets through its main retail app and its dedicated trading platform, Revolut X.

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, said the UAE has established “a robust and transparent framework for virtual assets” and added that the approval creates the foundation for the company to launch regulated crypto services while supporting VARA’s efforts to develop a safe and innovation-focused digital asset ecosystem.

UAE becomes the latest step in Revolut’s regulated crypto expansion

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. Revolut said affected users can continue selling or transferring their USDT until Aug. 31 before the stablecoin is removed from supported accounts.

The company said the restriction applies only to notified customers in eligible European jurisdictions and does not affect markets where USDT remains supported.

MiCA requires crypto service providers and stablecoin issuers operating in the European Union to comply with licensing, reserve, disclosure, and supervisory requirements. Tether has not received MiCA authorization, and Chief Executive Officer Paolo Ardoino has previously argued that some of the framework’s reserve rules were not suitable for the issuer.

The UAE approval also comes as Revolut continues preparing for its U.S. expansion. Reuters reported 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.