Revolut has secured preliminary, in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to provide virtual asset services in the UAE.
The approval represents an initial regulatory step and does not constitute a full license to operate digital asset services in the market.
Subject to receiving final regulatory approvals, Revolut plans to offer services under VARA’s broker-dealer, management and investment, and exchange categories.
The company intends to enable eligible customers to buy, sell, and hold digital assets through its retail application and standalone exchange platform, Revolut X.
The move follows separate regulatory approval from the Central Bank of the UAE earlier this year for Revolut’s payments activities.
Revolut said the approvals support its goal of developing a locally regulated financial services ecosystem.
“The UAE continues to demonstrate global leadership in establishing a robust and transparent framework for virtual assets, and we are proud to align with that vision,”
said Joseph Khair, Head of Revolut Digital Assets FZE in the UAE.
Featured image credit: Edited by Fintech News UAE, based on image by diwdom5355 via Magnific
