British fintech Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer crypto-related services in the United Arab Emirates. The approval covers broker-dealer, asset management, investment, and exchange services. This follows a payment activity license from the UAE central bank, allowing Revolut to let users buy, sell, and hold digital assets via its app and Revolut X exchange.
Strategic expansion amid regulatory compliance
Joseph Kair, Revolut's UAE digital assets head, said the approval lays the groundwork for introducing trusted crypto services in a regulated environment. The move comes after Revolut secured a UK banking license in March, with applications for a US banking license and a Peru permit also underway. The company's global expansion strategy hinges on regulatory compliance.
UAE emerges as crypto hub
The UAE is rapidly becoming a crypto hub, with VARA having issued licenses to 51 crypto service providers and in-principle approvals to 22 others. In May, Kraken's parent company Payward also received preliminary approval. Revolut's entry into the Middle East market is seen as a strategic foothold.
USDT delisting in Europe
Meanwhile, Revolut is delisting the stablecoin Tether USDt (USDT) from August for customers in the European Economic Area and Switzerland, in response to the EU's Markets in Crypto-Assets (MiCA) regulation. This reflects Revolut's approach of adapting to regional regulatory standards while expanding globally.