Revolut lines up UAE crypto launch

@Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) for a Virtual Assets Service Provider (VASP) licence, moving the global neobank a step closer to offering regulated cryptocurrency services in the UAE.

What the Approval Covers

The approval will allow Revolut, subject to final regulatory clearance, to offer broker-dealer, management and investment, and exchange services through its retail app and standalone crypto trading platform, Revolut X. Eligible customers in the UAE will eventually be able to buy, sell, and hold digital assets within a regulated framework.

In-principle approval amounts to a provisional sign-off rather than a full green light. An industry source said the remaining regulatory conditions should be completed before the end of August, although the process could take longer.

Building a Dual-Licence Stack in the UAE

This year, Revolut also received approval from the Central Bank of the UAE (CBUAE) for its payments activities, reaffirming its intent to build a locally regulated, end-to-end financial ecosystem. Revolut is not entering the UAE with one licence. It is stacking a payments rail under a virtual-asset rail, keeping both money movement and crypto trading inside licensed local entities.

Founded in the UK in 2015, Revolut has grown into one of the world's largest fintech companies, with more than 75 million customers globally, and says more than 16 million customers use its cryptocurrency services. Those services are currently available in the UK and the European Economic Area, with the UAE set to follow.

Revolut would enter a market where Binance FZE, Foris DAX Middle East FZE (Crypto.com), OKX Middle East Fintech FZE, Deribit FZE, BitOasis Technologies FZE, and Hashkey MENA FZE already hold active VASP licences. Dubai has emerged as one of the world's leading hubs for digital assets, with VARA establishing a dedicated regulatory framework aimed at attracting global crypto companies while strengthening investor protection and market oversight.

Sources:
Gulf Business: Revolut lands initial Dubai crypto licence approval
AGBI: Revolut wins preliminary UAE crypto licence approval
Zawya: Revolut receives in-principle approval to provide crypto services in UAE