Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to provide various crypto services in the United Arab Emirates. This marks a significant step towards regulated cryptocurrency trading in the region, pending final regulatory confirmation.
Details of Approval
The fintech company announced this development to its clients, detailing that the approval encompasses a Virtual Assets Service Provider licence, which enables them to act as a broker-dealer, manager, and exchange for digital assets.
This follows another licensing achievement from the UAE Central Bank, which granted Revolut a payments licence in June that facilitates stored value and retail payment services. The combination of these two authorizations is part of a broader strategy to establish a fully regulated financial platform within the UAE.
Strategic Significance
Joseph Khair, head of Revolut Digital Assets FZE in the UAE, emphasized that this regulatory approval aligns with the emirate's direction for innovation in the virtual asset sector. He noted that it lays the groundwork for the introduction of trusted virtual asset services in a regulated setting, supporting VARA's mission to foster a secure and progressive crypto ecosystem.
- Broker-dealer, management, and exchange services for digital assets
- Initial payments licence from the UAE Central Bank granted in June
- VARA aims to create a transparent virtual assets environment
As Revolut moves towards securing the final sign-off from VARA, eligible customers in the UAE can expect to access crypto trading through the Revolut app and the newly launched Revolut X exchange.
This material is for informational purposes only and should not be considered financial advice.
