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Revolut has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority to provide regulated crypto services in the United Arab Emirates.
The fintech plans to offer trading through its retail app and standalone Revolut X exchange. It must secure final regulatory approval before launching the services, and no start date has been announced.
Approval Covers Broker-Dealer and Exchange Services
The proposed Virtual Asset Service Provider license covers broker-dealer, exchange, management and investment services. Eligible customers would be able to buy, sell and hold digital assets through Revolut’s platforms.
The approval was granted to Revolut Digital Assets FZE. Revolut has not disclosed which cryptocurrencies will be supported, its planned fee structure or whether customers will initially receive access to both the main app and Revolut X.
Final VARA License is Still Required
VARA regulates virtual asset activity across Dubai’s mainland and free zones, excluding the Dubai International Financial Centre.
Firms cannot begin regulated crypto operations until they complete the licensing process and receive a full VASP license, which may include operating conditions.
That means Revolut’s in-principle approval is a regulatory step toward launch, not authorization to begin offering the covered services.
Revolut X Would Extend Exchange Access to UAE
Revolut X is the company’s standalone crypto trading platform, while its main app combines digital asset services with payments and other financial products. Revolut said it serves more than 75 million customers worldwide, including over 16 million crypto users.
A UAE crypto launch would add another regulated market to Revolut’s digital asset operations in the United Kingdom and European Economic Area. The company’s European crypto entity holds authorization under the European Union’s Markets in Crypto-Assets framework.
June Payment Licenses Support UAE Rollout
The crypto approval follows Revolut’s receipt of Stored Value Facilities and Retail Payment Services licenses from the Central Bank of the UAE on June 17. Those licenses allow the company to prepare services including multicurrency accounts, card payments and local and international transfers.
Revolut is building its local technology, compliance and operational infrastructure before a full UAE rollout. The separate VARA process will determine whether crypto trading can launch alongside its regulated payment products.
Next Step is Full VASP Approval
Revolut must now complete VARA’s final licensing requirements before offering regulated virtual asset services in Dubai. Until then, the in-principle approval does not authorize Revolut to begin the covered crypto services.
No start date has been announced for UAE crypto trading through Revolut’s retail app or Revolut X.
