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Revolut Secures UAE Approval To Expand Regulated Crypto Services

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Revolut Secures UAE Approval To Expand Regulated Crypto Services
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Revolut, a fintech company based in the UK, has received initial approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer cryptocurrency services in the United Arab Emirates. This move is another step in the company’s global growth. With this approval, Revolut can start preparing to offer broker-dealer, exchange, investment and management services for digital assets in the UAE.

Once it receives a full license, customers in the country will be able to buy, sell, and hold cryptocurrencies using the Revolut app and Revolut X exchange. This will bring regulated crypto services to one of the world’s fastest-growing digital asset markets.

Revolut Secures UAE Approval To Expand Regulated Crypto Services

Source: Revolut.com

This approval comes after the Central Bank of the UAE had already approved Revolut’s payment services, helping the company build a stronger presence in the Middle East. Joseph Khair, Revolut’s Head of Digital Assets in the UAE, said the new regulatory clearance sets the stage for launching the company’s crypto services in a well-regulated setting.

Dubai has become known as one of the most crypto-friendly places in the world by creating VARA, a regulator focused on virtual assets. So far, VARA has licensed 51 crypto businesses, and another 22 companies, including Revolut, have received initial approval and are working toward full authorization.

Revolut’s move into the UAE follows its recent UK banking license approval. The company is also seeking a banking charter in the United States and regulatory approval in Peru. Revolut has been expanding both its regular financial services and digital asset products in several markets.

As Revolut grows, it is also making changes to follow new rules in other regions. Last week, the company said it will stop supporting Tether’s USDT stablecoin in the European Economic Area and Switzerland starting in August. This change is due to new rules under the European Union’s Markets in Crypto-Assets (MiCA) framework, which sets higher standards for licensed crypto service providers.

The approval in the UAE shows that big fintech companies now see regulated crypto services as an important part of their long-term plans.

 

 

 

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Written by
Kapil Rajyaguru -

Kapil Rajyaguru is a news editor at 3.0 TV with over 15 years of professional writing experience and more than four years dedicated to the cryptoverse.

An engineer by education and a writer by passion, Kapil brings a rare mix of technical insight and storytelling finesse. A firm believer that cryptocurrencies, blockchain and AI are the building blocks of the future, he crafts in-depth news and analysis to educate, empower and prepare the masses for the next frontier of Web3.

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