Regulatory approval marks another milestone in Revolut’s expansion as it prepares to roll out virtual asset services in the UAE
Dubai, UAE: Revolut has received approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer crypto services in the UAE, bringing the global fintech company a step closer to launching its full range of financial services in the country.
The approval allows Revolut to begin introducing its virtual asset services within a regulated framework, supporting the UAE’s vision of building a secure, transparent, and innovation-driven digital asset ecosystem.
Joseph Khair, Head of Revolut Digital Assets in the UAE, said:
“This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment, supporting Vara’s goal of fostering a safe, transparent and innovation-driven virtual assets ecosystem.”
He described the approval as a major milestone in the company’s expansion strategy.
The latest approval follows Revolut’s Central Bank of the UAE licences, obtained in June, which authorised the company to provide stored value facilities and Category 2 retail payment services. These licences enable services such as digital wallets, domestic and international fund transfers, merchant acquiring, and digital payment solutions.
Revolut is building a comprehensive digital financial ecosystem in the UAE and plans to launch an expanded suite of virtual asset services through its retail app and dedicated crypto exchange, Revolut X. Once launched, eligible customers in the UAE will be able to buy, sell, and hold digital assets within a fully regulated environment.
The London-headquartered fintech, which serves more than 75 million customers worldwide, has also been expanding its local partnerships ahead of its commercial launch. The company previously stated that it is focused on strengthening its technology infrastructure, operational capabilities, and customer experience before rolling out its services across the UAE.
Founded in 2015 by Nikolay Storonsky, Revolut first received regulatory approval in the UAE in September 2024 and continues to expand its presence as part of the country’s rapidly growing fintech landscape.
The UAE has emerged as a leading destination for fintech innovation and digital asset regulation, supported by initiatives from the Central Bank of the UAE, Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), and VARA. Established in 2022, VARA oversees the licensing and supervision of virtual asset service providers, ensuring compliance with governance, cybersecurity, anti-money laundering, and investor protection standards. Recently, the regulator issued its 50th virtual asset service provider licence, highlighting the continued growth of Dubai’s digital asset ecosystem.
