Revolut, the UK-based fintech firm, has received in-principle approval from the Virtual Assets Regulatory Authority (VARA) in Dubai to provide various crypto-related services in the United Arab Emirates (UAE). This development follows a prior endorsement from the Central Bank of the UAE for payment activities.
Scope of Services Approved
With this approval, Revolut is set to offer broker-dealer, management, investment, and exchange services. The company plans to facilitate these services through its app and the Revolut X exchange, enabling users in the UAE to buy, sell, and hold digital assets.
Strategic Implications for Revolut
Joseph Khair, Revolut’s head of digital assets in the UAE free zone establishment, emphasized that this regulatory approval establishes a framework for the company to deliver its virtual asset services within a compliant environment. This move aligns with Revolut’s broader strategy of expanding its service offerings globally.
Regulatory Context
The approval comes on the heels of Revolut obtaining a UK banking license in March and is part of its ongoing efforts to secure similar licenses in other regions, including a pending application for a US banking charter and licensing in Peru. As of now, VARA has licensed 51 companies to provide crypto services, with 22 entities having received in-principle approval.
Recent Developments and Future Plans
In a related note, Revolut announced plans to delist the Tether USDt (USDT) stablecoin starting in August for the European Economic Area and Switzerland. This decision follows a review of its crypto services and risk considerations under the European Union’s Markets in Crypto-Assets (MiCA) framework, which mandates licensing for digital asset service providers by July 1.
This article was produced by NeonPulse.today using human and AI-assisted editorial processes, based on publicly available information. Content may be edited for clarity and style.
