Revolut Gains VARA Approval for Virtual Asset Services in UAE

Revolut Gains VARA Approval for Virtual Asset Services in UAE

Revolut has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to expand its regulated cryptocurrency services within the United Arab Emirates. This move marks a significant regulatory milestone for Revolut’s global digital asset strategy.

Details of the Approval

The granted approval enables Revolut to begin preparations for offering a range of virtual asset services, including crypto trading, exchange, and investment services. These will be available through the Revolut app and its dedicated trading platform, Revolut X, once final regulatory approvals are obtained.

According to a company announcement, this regulatory authorization positions Revolut to provide broker-dealer, management, and exchange services specifically tailored for the UAE market. Eligible customers will subsequently be able to buy, sell, and hold digital assets through both platforms.

Context of the Approval

This approval follows earlier authorization from the Central Bank of the UAE for Revolut’s payments operations, further solidifying the company’s efforts in establishing a regulated financial platform in the region. Joseph Khair, head of Revolut Digital Assets FZE in the UAE, highlighted that the UAE has created a “robust and transparent framework for virtual assets,” which aligns with VARA’s goals of fostering a secure and innovative digital asset ecosystem.

Global Expansion Efforts

Revolut’s approval in the UAE complements its ongoing adjustments to comply with local regulations in various markets worldwide. Recently, the company announced the removal of Tether’s USDT from eligible European accounts due to the implementation of the EU’s Markets in Crypto-Assets (MiCA) framework, which mandates licensing and compliance for crypto service providers.

Additionally, Revolut is preparing for its expansion into the U.S. market, having filed for a national bank charter. The fintech plans to offer a combination of FDIC-insured banking products alongside cryptocurrency trading and multi-currency services in the United States.