Revolut receives in-principle approval from Dubai VARA to offer cryptocurrency services in the UAE

Foresight News reported, according to The National, that UK fintech company Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer cryptocurrency services in the UAE, covering broker-dealer, asset management and investment, as well as exchange business.

Joseph Khair, Head of Digital Assets for Revolut UAE, stated that this approval lays the foundation for Revolut to launch virtual asset services in a regulated environment. Revolut currently serves over 75 million customers worldwide and, in June of this year, obtained Stored Value Facilities and Category II Retail Payment Services licenses from the Central Bank of the UAE. The company plans to introduce a broader range of virtual asset services in the UAE through its retail app and the independent exchange Revolut X, allowing eligible users to buy, sell, and hold digital assets within a compliant framework, but has not yet disclosed an official launch date.