Revolut has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority to offer cryptocurrency services in the United Arab Emirates, marking a significant expansion of its regulated operations in the region. The approval, announced this week, covers broker-dealer, management and investment, and exchange activities, though final regulatory clearance is still required before launch.
Once fully authorized, Revolut’s 75 million global customers, including over 16 million crypto users, will be able to access digital asset trading through both its retail app and standalone Revolut X exchange within UAE’s regulated framework. The approval follows Revolut’s earlier authorization from the Central Bank of UAE for payment activities, demonstrating the company’s commitment to building a comprehensive locally-regulated financial ecosystem.
This development positions Revolut alongside firms like MultiBank and CoinMENA that have recently obtained VARA licenses as Dubai strengthens its position as a regulated crypto hub. The move comes after Dubai aligned licensing frameworks across its regulatory bodies last year, enabling broader UAE-wide operations.
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Traders should monitor Revolut’s final approval timeline closely, as its entry could significantly increase retail crypto trading volumes and liquidity in UAE markets.
Source: Finance Magnates