Revolut Secures VARA Approval to Offer Crypto Trading Services in UAE

Highlights:

• Revolut has secured in-principle approval from VARA for broker-dealer, investment management, and exchange services.
• Eligible UAE customers could access crypto through the retail app and Revolut X after final approval.
• The company already holds Central Bank approval for payment activities in the UAE.

UK-based neobank Revolut has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority. According to the announcement on July 15, the approval covers broker-dealer, investment management, and exchange services across the United Arab Emirates. Once final approvals arrive, eligible customers could access crypto products through its retail app and Revolut X.

The approval follows earlier clearance from the Central Bank of the UAE for payment activities. Together, both moves support the company’s plan for a locally regulated financial platform. Moreover, the licenses would connect everyday payments with digital asset trading under separate regulatory frameworks.

Dubai Approval Covers Several Crypto Services

VARA’s preliminary approval allows the company to prepare several regulated services before receiving a full license. These services include virtual asset brokerage, investment management, and exchange operations in the UAE. Customers can also buy, sell, and hold supported digital assets within a supervised market. The planned offering would operate through the main app and its standalone Revolut X exchange.

Joseph Khair, who leads the company’s digital asset business in the UAE, welcomed the regulatory step. He said the approval supports Dubai’s focus on a safe, transparent, and innovation-led virtual asset market. Moreover, he said the company aims to align its services with the regulator’s standards. Final operations will depend on VARA granting the remaining approvals required for a full launch.

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REVOLUT RECEIVES IN-PRINCIPLE APPROVAL FROM DUBAI’S VARA TO OFFER CRYPTO SERVICES IN THE UAE. pic.twitter.com/0rqfLHD7jH

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The fintech company serves more than 75 million customers across its markets. It also reports over 16 million crypto customers using its digital asset services. Currently, those services operate mainly across the United Kingdom and the European Economic Area. Therefore, a UAE launch would extend the company’s regulated crypto reach into the Middle East.

Meanwhile, Revolut was among the 35 selected banks and payment providers for the European Central Bank’s digital euro pilot. The project includes 36 participants testing payment functions linked to a possible central bank digital currency. 

Revolut Builds Its Wider UAE Strategy

Revolut approval forms part of a broader push across the UAE financial sector. Earlier this year, the Central Bank approved the company’s planned payment activities in the country. As a result, the business can develop a wider offering under local oversight. The approach aligned with its strategy of combining payments, banking tools, and investment services within one platform.

The UAE has built several regulatory channels for fintech and digital asset companies. Dubai operates VARA, while Abu Dhabi’s ADGM supports a separate financial services framework. Moreover, the Dubai International Financial Centre has promoted financial technology through dedicated rules and programs.

VARA operates under Dubai’s Virtual Asset Regulation Law. The law has created a dedicated system for supervising virtual asset activity across the emirate. Moreover, the regulator has developed standards covering licensing, market conduct, governance, and customer protection. VARA recently issued its fiftieth virtual asset service provider license, demonstrating the steady growth in Dubai’s regulated crypto sector. 

Gate Dubai, a branch of Gate Group, began operations in the UAE after receiving a VARA license earlier this year. The platform now offers regulated spot trading for digital assets and also supports conversions between local currency and cryptocurrencies.