Dubai’s VARA grants in-principle approval for Revolut to offer brokerage, exchange, and investment services in the UAE.
Revolut received in-principle approval from Dubai’s Virtual Assets Regulatory Authority to provide crypto broker-dealer, management, and exchange services in the UAE. The move follows prior clearance from the Central Bank of the UAE for payment activities, enabling UAE users to trade and hold digital assets via Revolut’s app and Revolut X exchange.
The approval marks a key step in Revolut’s expansion, coming after its UK banking license acquisition in March. The company still awaits decisions on pending applications for a US banking charter and licensing in Peru. VARA currently lists 51 licensed crypto service providers in the UAE, with 22 others holding in-principle approval.
Revolut’s UAE head of digital assets stated the approval establishes a regulated framework for its virtual asset services in the region.