Revolut Gains In-Principle Approval for Crypto Services in UAE

Revolut, the London-based fintech company, has been granted in-principle approval by Dubai’s Virtual Assets Regulatory Authority (VARA) to operate crypto-related services within the United Arab Emirates. This approval allows Revolut to provide broker-dealer, asset management, investment, and exchange services in the region.

The approval marks a significant step for Revolut as it seeks to expand its presence in the Middle East’s growing digital asset market. The company’s entry into the UAE’s regulated virtual assets sector aligns with broader efforts by regional authorities to establish clear frameworks for crypto businesses.

Revolut’s application process with VARA has been ongoing, and the in-principle approval indicates a positive outlook for full licensing. The company aims to offer a range of crypto services to its customers in the UAE, subject to final regulatory compliance.

This development comes amid increasing interest from global fintech firms in establishing operations in the UAE, which is positioning itself as a regional hub for digital assets and blockchain innovation. The approval also reflects the UAE’s proactive approach to integrating crypto services into its financial ecosystem.

The move is expected to enhance Revolut’s service offerings in the Middle East and could lead to increased adoption of cryptocurrencies among its user base in the region. It also signals a broader trend of traditional financial technology firms seeking regulatory approval to operate in emerging crypto markets.