Revolut has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority, marking another step in the fintech company’s effort to broaden its regulated crypto operations in the United Arab Emirates.
Path toward a UAE crypto launch
The approval was announced by the company on Tuesday. It allows Revolut to advance toward offering regulated virtual asset services in the UAE, although the business still needs final authorization from VARA before those products can formally launch.
According to the announcement, the company is seeking to provide virtual asset broker-dealer, management, investment, and exchange services in Dubai under the regulator’s framework. The in-principle decision does not amount to a full license, but it moves Revolut closer to establishing a regulated crypto presence in the market.
Services planned for eligible users
If final approval is granted, eligible UAE customers would be able to buy, sell, and hold digital assets through Revolut’s main retail app. The company also said those services would be available through Revolut X, its dedicated trading platform.
That would extend Revolut’s existing digital asset push into another regulated jurisdiction, with the company presenting the UAE as part of a broader international expansion strategy for its crypto business.
Part of a wider regulated expansion
The Dubai development follows an earlier authorization from the Central Bank of the UAE covering Revolut’s payments business. Together, the approvals point to the company’s effort to build a locally regulated financial platform in the country rather than operate only through offshore structures.
The source article also said the latest move comes after recent regulatory developments for Revolut in Europe and the United States, as the firm continues to expand its crypto operations across markets where it can secure formal approval.
Company view on the UAE market
Joseph Khair, head of Revolut Digital Assets FZE in the UAE, said the country has created what he described as a robust and transparent framework for virtual assets. He said the in-principle approval lays the groundwork for Revolut to launch regulated crypto services in the market, while aligning with VARA’s stated aim of supporting a digital asset ecosystem focused on safety and innovation.
For now, the key point is that Revolut has cleared an initial regulatory stage in Dubai, but the company’s planned crypto trading, exchange, investment, and related services in the UAE remain conditional on final authorization from VARA.
Source: crypto.news