Revolut Secures Preliminary VARA Approval to Offer Virtual Asset Services in Dubai
British fintech giant Revolut, which serves over 75 million customers globally, has announced that it has received preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This regulatory milestone will enable the company to offer a comprehensive suite of digital asset services within the United Arab Emirates (UAE).
The preliminary license specifically covers three core operational areas:
Broker-Dealer Services
Management and Investment Services
Exchange Services
Building a Regulated Financial Ecosystem
This achievement marks a significant step in Revolut's regional expansion strategy and underscores its commitment to operating within advanced, transparent regulatory frameworks. Earlier this year, the company also secured approval from the Central Bank of the UAE (CBUAE) to conduct payment service activities, reflecting its broader vision to build a fully integrated, locally regulated financial ecosystem.
Working in cooperation with VARA and subject to obtaining final regulatory approvals, Revolut plans to roll out its virtual asset services through its dedicated consumer application and its independent trading platform, Revolut X. This integration will allow eligible customers in the UAE to securely buy, sell, and hold virtual assets within a sanctioned and regulated environment.
Leadership Perspective
Joseph Khair, Head of Revolut Digital Assets FZE in the UAE, commented on the strategic milestone:
"The UAE continues to solidify its global leadership in developing a robust and transparent regulatory framework for virtual assets, and we are proud to be part of this ambitious vision. This approval is a fundamental step toward delivering Revolut’s trusted virtual asset services within a comprehensive regulatory environment, supporting VARA's vision of building a secure, transparent, and innovation-driven ecosystem."