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.
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.
Revolut receives Vara approval to offer crypto services in the UAE https://t.co/1oO5Yn9ULy
— The National (@TheNationalNews) July 15, 2026
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