Fintech giant secures in-principle approval for its Virtual Assets Service Provider (VASP) Licence from Dubai’s Virtual Assets Regulatory Authority (VARA).
Revolut, the London-headquartered fintech serving more than 75 million customers worldwide, has been granted in-principle approval by Dubai’s Virtual Assets Regulatory Authority (VARA) to provide crypto services in the United Arab Emirates. The approval covers broker-dealer, management and investment, and exchange services.
The green light from VARA represents a significant step in Revolut’s Middle East expansion and signals the company’s strategy of anchoring its growth in jurisdictions with clear, progressive regulatory frameworks. It follows an earlier approval this year from the Central Bank of the UAE (CBUAE) for Revolut’s payments activities — a combination that positions the firm to build a fully licensed, end-to-end financial ecosystem in the Emirates.
What the Approval Covers
Subject to obtaining final regulatory approvals, Revolut plans to roll out the licensed virtual asset services through two channels: its flagship retail app and Revolut X, its standalone crypto exchange. Once live, eligible customers in the UAE will be able to buy, sell, and hold digital assets within a fully regulated environment.
The scope of the in-principle approval spans three service categories under VARA’s framework:
- Broker-dealer services — facilitating crypto trades on behalf of customers
- Management and investment services — covering virtual asset portfolio activities
- Exchange services — powering direct trading through Revolut X
“Aligning with the UAE’s Vision”
Joseph Khair, Head of Revolut Digital Assets FZE in the UAE, said the company was proud to operate under Dubai’s regulatory regime, describing the UAE as a global leader in building a robust and transparent framework for virtual assets. According to Khair, the approval lays the groundwork for Revolut to bring its virtual asset services to the market in a way that supports VARA’s goal of a safe, transparent, and innovation-driven crypto ecosystem.
Part of a Broader Web3 Push
The UAE move fits into Revolut’s stated ambition to become the go-to financial app for the global Web3 community. The company already serves more than 16 million crypto customers worldwide and operates one of the most widely used regulated crypto trading platforms in the UK and the European Economic Area — with the UAE now set to join that list.
Dubai has emerged as one of the world’s most active hubs for digital asset regulation since VARA was established, attracting a wave of international exchanges and fintechs seeking licensed operations in the region. Revolut’s entry adds one of the largest consumer fintech brands to that growing roster.