Revolut wins in-principle VARA approval for UAE crypto services

Revolut has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority to offer crypto-related services in the United Arab Emirates, expanding the scope of an earlier report by detailing the categories covered and the company’s broader regulatory push. The July 15 approval spans broker-dealer, management and investment, and exchange services, and Revolut said it intends to offer them through its retail app and standalone exchange, Revolut X, once final approvals are granted. The move adds to separate clearance from the Central Bank of the UAE earlier in 2026 covering payments, giving the London-based fintech a wider regulatory footing in the country. Revolut said UAE users would eventually be able to buy, sell and hold digital assets within a regulated framework, though the VARA clearance remains preliminary. The company said it serves more than 75 million customers globally and more than 16 million crypto customers worldwide. The UAE expansion comes as Revolut also navigates diverging regional rules: it received a UK banking license in March 2026, has applications pending for a US banking charter and a license in Peru, and plans to delist USDT for users in the European Economic Area and Switzerland from August 2026 following a review under the EU’s Markets in Crypto-Assets framework.