Revolut Wins Initial VARA Approval To Launch Crypto Services In The UAE

Revolut has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for a Virtual Assets Service Provider (VASP) licence, enabling the fintech to offer broker-dealer, management, investment, and exchange services for digital assets in the United Arab Emirates.

The nod marks a milestone in Revolut’s push into the UAE, a market it has been targeting for the past year. The company must still obtain final regulatory sign-off from VARA before it can begin offering the services. It will join a licensed roster that VARA has expanded with recent approvals for firms such as Animoca Brands and prime brokerage provider LTP.

Revolut plans to deliver the approved virtual asset services through its retail app and its standalone exchange, Revolut X, once all remaining requirements are cleared. Eligible UAE customers would then be able to buy, sell, and hold digital assets within a regulated framework.

The VARA approval follows a separate authorisation from the Central Bank of the UAE (CBUAE) for payments activities. That process began with in-principle approval in September 2025 and concluded with stored value facilities and retail payment services licences in June 2026. Revolut has framed the twin approvals as part of a strategy to build a locally regulated, end-to-end financial ecosystem in the country rather than a single-product launch.

Joseph Khair, Head of Revolut Digital Assets FZE, UAE, said the UAE is demonstrating global leadership in establishing a robust and transparent framework for virtual assets. He added that the approval lays the foundation for Revolut to introduce its services in a regulated environment and supports VARA’s goal of fostering a safe, transparent, and innovation-driven ecosystem.

Revolut already runs crypto operations in the UK and the European Economic Area, where it counts over 16 million crypto customers globally. That European business is adjusting under MiCA, with the company set to reject new USDT deposits from July 30 and later remove the stablecoin from eligible accounts under its Cyprus-issued crypto-asset service provider licence. Revolut has positioned the UAE as the next market to come online after the UK and EEA, part of its wider ambition to become the primary financial app for the Web3 community. No launch date has been announced, and the offering remains conditional on final approval from VARA.