Revolut obtains in‑principle VARA licence for crypto services in UAE

Revolut has secured in‑principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate as a regulated virtual‑asset service provider in the United Arab Emirates. The licence would allow the fintech to offer broker‑dealer, management, investment and exchange services for digital assets through its main retail app and the dedicated Revolut X platform, once final authorisation is granted.

The approval follows an earlier authorisation from the UAE Central Bank for Revolut’s payments business and is part of the company’s broader strategy to expand regulated crypto offerings across markets, including recent adjustments to comply with the EU’s MiCA framework and plans for a U.S. bank launch. Joseph Khair, head of Revolut Digital Assets FZE, said the UAE’s “robust and transparent framework for virtual assets” underpins the move.