Revolut Secures In-Principle Approval for Crypto Services in UAE | LeapRate
Revolut said Wednesday that it has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for its Virtual Assets Service Provider Licence.
The approval allows the firm to offer broker-dealer, management and investment, and exchange services in the UAE.
The approval is another step in Revolut’s expansion strategy, following earlier approval this year from the Central Bank of the UAE for its payments activities, reinforcing the company’s intent to build a locally regulated, end-to-end financial ecosystem in the country.
Subject to obtaining final regulatory approvals, Revolut intends to offer the virtual asset services covered by the approval through its retail app and standalone exchange, Revolut X.
This would allow eligible customers in the UAE to buy, sell and hold digital assets within a regulated framework.
Joseph Khair, Head of Revolut Digital Assets FZE, UAE, commented: “The UAE continues to demonstrate global leadership in establishing a robust and transparent framework for virtual assets, and we are proud to align with that vision.”
He added that the approval “lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment, supporting VARA’s goal of fostering a safe, transparent, and innovation-driven virtual assets ecosystem.”
Revolut, which serves more than 75 million customers worldwide, said it is aiming to become the go-to financial app for the Web3 community globally.
The company currently serves more than 16 million crypto customers and offers crypto trading services in the UK and the European Economic Area, with the UAE set to follow pending final approvals.
