Revolut Receives Preliminary VARA Approval for Crypto Services in the UAE
Revolut has secured preliminary, in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer virtual asset services in the United Arab Emirates, marking a significant regulatory milestone for the fintech group’s digital asset ambitions in the market.
The approval is an initial step in the licensing process and does not yet allow Revolut to fully operate digital asset services in the UAE. The company will still need to obtain final regulatory approvals before launching the relevant products and services.
Subject to those approvals, Revolut intends to operate under VARA’s broker-dealer, management and investment, and exchange categories. The company said it plans to allow eligible customers to buy, sell, and hold digital assets through its retail app, as well as via its standalone exchange platform, Revolut X.
The latest development builds on Revolut’s existing regulatory progress in the country. Earlier this year, the company received approval from the Central Bank of the UAE for its payments activities, expanding its presence in one of the region’s most active fintech markets.
Revolut said the approvals support its broader goal of building a locally regulated financial services ecosystem in the UAE.
Joseph Khair, Head of Revolut Digital Assets FZE in the UAE, said the company views the country as a leading jurisdiction for virtual asset regulation.
“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,” Khair said.
Industry Analysis
Revolut’s preliminary approval underscores the UAE’s continued appeal as a hub for regulated digital asset activity. By advancing through both payments and virtual asset licensing channels, the company is positioning itself to serve users within a locally compliant framework.
The move also reflects a broader trend in the UAE, where regulators have been building clearer pathways for fintech and crypto firms seeking market entry. For global platforms, this creates an opportunity to expand in the region while aligning product offerings with regulatory expectations.
For Revolut, final approval would strengthen its ability to offer integrated financial services across payments and crypto within the UAE, potentially improving its competitiveness in a market that continues to attract international digital finance providers.
