Revolut is making major moves in the Middle East as the UK-based fintech giant has officially received an in-principle approval from Dubai’s Virtual Assets Regulatory Authority, commonly known as VARA. This regulatory green light marks a significant step forward for cryptocurrency accessibility in the United Arab Emirates, positioning the company to capture a growing market of digital asset investors.
Expanding Crypto Services in Dubai and the UAE
Following a recent nod from the Central Bank of the UAE regarding payment activities, this new VARA approval permits Revolut to operate as a broker-dealer and offer comprehensive management, investment, and exchange services. For everyday users based in the UAE, this development means they will soon be able to seamlessly buy, sell, and hold various digital assets directly through the standard Revolut app, as well as the specialized Revolut X exchange platform.
Joseph Khair, Revolut’s head of digital assets in the UAE free zone establishment, noted that this approval sets a strong foundation for introducing trusted virtual asset services within a safely regulated environment. The UAE has been rapidly establishing itself as a premier global crypto hub, actively welcoming innovation while maintaining strict oversight. Currently, VARA lists over fifty companies fully licensed to offer crypto-related services in the region, alongside more than twenty entities holding in-principle approvals, including major industry players like Kraken’s parent company, Payward.
Global Ambitions and Regulatory Shifts
This Middle Eastern expansion is just one piece of Revolut’s aggressive broader global strategy. Earlier this year in March, the company successfully secured a highly coveted banking license in the United Kingdom, cementing its status as a major financial institution. The fintech firm is not stopping there, as it is actively pursuing similar banking charters in the United States and licensing in Peru to continue its international rollout.
However, while expanding its footprint in the UAE, Revolut is simultaneously adapting to tightening regulatory environments in other key markets. Starting this August, the company plans to delist the Tether (USDT) stablecoin for its customers located in the European Economic Area and Switzerland. This strategic shift follows a thorough review of its crypto offerings in direct response to the European Union’s new Markets in Crypto-Assets (MiCA) framework, a sweeping set of rules that mandated strict licensing requirements for digital asset service providers starting in July.
