Revolut has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to expand its crypto-related offerings in the United Arab Emirates. The UK-based financial firm said the regulator’s green light would allow it to provide a range of virtual-asset services to users in the UAE through its app and its Revolut X exchange.
The development comes after the UAE Central Bank approved Revolut’s payment activities. In its Wednesday notice, Revolut stated that VARA granted the company in-principle clearance to operate broker-dealer, management and investment, and exchange services in the UAE, framing the move as a step toward deploying “trusted virtual asset services within a regulated environment.”
Key takeaways
- VARA approval in principle positions Revolut to offer broker-dealer, management and investment, and exchange services for digital assets in the UAE.
- The go-ahead follows UAE Central Bank approval for Revolut’s payment activities, signaling coordination across regulators.
- Revolut expects UAE users to be able to buy, sell, and hold digital assets via the Revolut app and Revolut X.
- The UAE move follows Revolut’s March UK banking license and is part of broader, ongoing expansion plans.
- Separately, Revolut previously said it plans to delist USDT for EEA and Switzerland starting in August under MiCA-linked risk and licensing review.
VARA’s in-principle approval gives Revolut a regulated UAE runway
In a statement shared this week, Revolut said VARA’s in-principle authorization would enable it to introduce virtual asset services through its existing user interface while operating under Dubai’s virtual asset licensing framework. The firm did not describe the precise next licensing steps required to fully implement these activities, but it characterized the approval as laying “the foundation” for its rollout within a regulated environment.
For investors and market participants, the significance lies in how rapidly established financial platforms are aligning with UAE’s emerging regulatory architecture. VARA’s approach—granting “in-principle” approvals alongside full licenses—creates a structured path for operators to expand while still meeting regulatory conditions.
VARA maintains a public register of licensed entities. As of the time of publication, the regulator listed 51 companies licensed to offer crypto-related services in the UAE, with 22 entities granted in-principle approval.
Payments first: the Central Bank condition and what it implies
Revolut noted that the VARA decision followed “a green light” from the Central Bank of the UAE for payment-related activities. That sequencing suggests that, at least for Revolut’s roadmap, crypto services are being bundled with—rather than treated as separate from—broader payment and financial compliance processes.
The practical outcome for users is that Revolut’s app-based experience for digital asset transactions can be rolled out with fewer friction points, since the company is addressing payments oversight alongside virtual-asset regulation. It also provides a useful signal for other fintechs: in the UAE, crypto expansion may depend on satisfying cross-regulatory requirements, not only virtual-asset licensing.
Expansion momentum: from UK banking license to pending US and Peru filings
Revolut’s UAE announcement builds on its recent progress in traditional finance licensing. The firm had received a UK banking license in March, according to earlier reporting. Revolut’s stated expansion plans also include similar applications pending for a US banking charter and for licensing in Peru.
From a sector perspective, Revolut’s pattern is telling: it continues to use regulatory milestones in core banking to support downstream products, including digital assets. While crypto access is still heavily shaped by licensing frameworks, the ability to operate within regulated payment and banking environments can matter for settlement flows, custody/handling models, and compliance controls.
UAE approval lands amid shifting crypto product decisions in Europe
Even as Revolut moves forward in the UAE, the company has also signaled adjustments to its crypto offerings elsewhere. Last week, a Revolut spokesperson told Cointelegraph that the firm planned to delist Tether USDt (USDT) starting in August for the European Economic Area and Switzerland.
Revolut linked that decision to a review of its crypto services and risk considerations under the European Union’s Markets in Crypto-Assets (MiCA) framework. MiCA requires crypto-asset service providers to be licensed by July 1, and Revolut’s approach indicates how firms may rework their stablecoin lineup rather than carry all products through the licensing transition.
That contrast—gaining in-principle approval in the UAE while trimming exposure in Europe—highlights a broader reality for crypto platforms: regulatory compliance can drive both expansion and contraction depending on jurisdictional requirements, product classifications, and risk assessment outcomes.
What to watch next
Revolut’s UAE in-principle approval is a meaningful step, but users and market observers should watch for the subsequent regulatory milestones needed for full implementation, as well as how the firm’s approach to stablecoins and licensing evolves under MiCA in Europe.
