Revolut wins UAE approval for crypto services

• Revolut received in-principle approval to offer crypto services in the UAE.
• The approval moves the fintech closer to launching regulated digital asset products.
• The company plans to expand its crypto business through its app and Revolut X.

Revolut received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer crypto services in the United Arab Emirates.

The approval allows Revolut to prepare broker-dealer, exchange, management and investment services, subject to receiving final regulatory approval.

“This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment,” said Revolut Digital Assets UAE Head Joseph Khair.

Revolut said eligible customers will be able to buy, sell and hold digital assets through its main app and the Revolut X exchange once it secures its full licence.

The approval builds on payment licences Revolut received from the Central Bank of the UAE earlier this year as it expands its regulated financial services in the country.

Revolut serves more than 75 million customers worldwide and says more than 16 million of them already use its crypto products.

Dubai has become a major crypto hub through VARA, which continues to approve digital asset firms under its licensing framework.