Revolut gets VARA in-principle approval to offer crypto in UAE

Revolut has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer broker-dealer, management and investment, and exchange services for digital assets to customers in the United Arab Emirates. The company announced the approval in a Wednesday notice. The clearance comes after the Central Bank of the UAE authorised Revolut’s payment activities in the country. Revolut said it will provide virtual asset services through its mobile app and the Revolut X exchange, allowing UAE-based users to buy, sell and hold digital assets under VARA’s rules. Joseph Khair, Revolut’s head of digital assets in the UAE free zone establishment, described the VARA clearance as “laying the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment.” An in-principle approval is not a final licence. Firms granted in-principle status must meet additional regulatory, governance and technology requirements before receiving full authorisation to operate. VARA currently lists 51 companies authorised to provide crypto-related services in the UAE and shows 22 entities with in-principle approvals working toward full licences. In May, VARA granted preliminary approval to the parent company of the Kraken exchange. The UAE approvals come as Revolut expands its regulated footprint globally. The fintech secured a UK banking licence in March and continues to pursue a US banking charter and licences in Peru. Revolut has also announced product changes in other markets: the firm plans to delist the Tether USDt (USDT) stablecoin from its platforms in the European Economic Area and Switzerland starting in August, following a review of its crypto services and risk profile under the European Union’s Markets in Crypto-Assets framework. Revolut said its next steps in the UAE include meeting VARA’s outstanding conditions and building local infrastructure and compliance controls to serve customers in the jurisdiction.