Key Points:
- Revolut has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer cryptocurrency services in the United Arab Emirates.
- The approval covers broker-dealer, exchange, management and investment services for digital assets.
- The expansion follows Revolut’s recent UK banking license and forms part of its broader international growth strategy.
- The company also plans to discontinue support for USDT in parts of Europe to comply with the European Union’s MiCA regulations.
Revolut Moves Closer to UAE Crypto Launch
London-based fintech company Revolut has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA), allowing it to move forward with plans to offer regulated cryptocurrency services in the United Arab Emirates.
The approval authorizes Revolut to provide broker-dealer, exchange, management and investment services for digital assets once it completes the remaining licensing requirements.
The company said customers in the UAE will eventually be able to buy, sell and hold cryptocurrencies through both the Revolut mobile application and its dedicated digital asset trading platform, Revolut X.
UAE Continues Building Digital Asset Hub
The latest approval reinforces the UAE’s position as one of the world’s fastest-growing regulated digital asset markets.
Dubai has actively developed a comprehensive regulatory framework designed to attract cryptocurrency exchanges, fintech firms and blockchain companies while maintaining oversight through VARA.
According to the regulator, more than 50 companies have already received licenses to operate digital asset businesses in the emirate, with several additional firms holding preliminary approvals.
The structured licensing process has helped position Dubai as a leading destination for companies seeking regulatory certainty while expanding internationally.
Part of Revolut’s Global Expansion Strategy
The UAE approval follows several major regulatory milestones for Revolut.
Earlier this year, the company secured a long-awaited UK banking license, strengthening its position in one of its largest markets.
Revolut is also pursuing additional banking and regulatory approvals in other jurisdictions, including the United States and Peru, as it continues expanding its global financial services platform.
The company’s digital asset business has become an increasingly important component of its broader ecosystem, which includes payments, banking, investing and foreign exchange services.
Regulatory Compliance Shapes Product Strategy
While expanding into new markets, Revolut continues adapting its cryptocurrency offerings to evolving regulatory standards.
The company recently announced plans to discontinue support for Tether’s USDT stablecoin for customers in the European Economic Area and Switzerland beginning in August.
The decision follows a review of its digital asset services under the European Union’s Markets in Crypto-Assets (MiCA) framework, which introduced new licensing and compliance requirements for crypto service providers operating across the region.
The move illustrates how global fintech firms are increasingly tailoring their digital asset products to meet differing regulatory requirements across jurisdictions.
UAE Strengthens Position in Global Crypto Industry
The UAE has attracted a growing number of global cryptocurrency firms over the past several years through its licensing framework and supportive regulatory environment.
Major exchanges, blockchain companies and digital asset service providers have established regional operations in Dubai as institutional interest in cryptocurrencies continues to grow.
The expansion of regulated participants is expected to further strengthen the country’s ambition to become a leading international hub for blockchain innovation and digital finance.
Outlook
Revolut’s preliminary approval from Dubai’s Virtual Assets Regulatory Authority marks another step in the company’s global cryptocurrency expansion while reinforcing the UAE’s emergence as a leading regulated digital asset market. As regulatory frameworks mature worldwide, international fintech firms are increasingly balancing expansion opportunities with jurisdiction-specific compliance requirements, positioning regulated crypto services for broader institutional and retail adoption.
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