Fintech giant Revolut of London has received in-principle approval from VARA to offer cryptocurrency products in the United Arab Emirates. This approval is a major milestone for the company as far as its expansion into one of the world's fastest-growing markets of regulated digital assets goes.
This approval relates to the issuance of a VASP license. Looking ahead, Revolut has to gain final regulatory approval to start operating in the UAE.
With its final license in hand, Revolut intends to introduce a range of regulated crypto products. These range from broker-dealer services to virtual asset exchange and management and investment services. Users will also have the opportunity to trade crypto via the Revolut app and the firm’s trading platform Revolut X.
The new license is just another step towards expanding Revolut’s licensing portfolio in the United Arab Emirates. Earlier, the fintech company received a license from the Central Bank of the UAE for providing payment services.
Dubai has steadily built a reputation as a leading destination for digital asset companies. VARA has introduced a dedicated regulatory framework that provides licensing clarity while maintaining investor protection and compliance standards. The approach has attracted several global crypto exchanges, blockchain firms, and fintech companies to establish regional operations.
Revolut presently has more than 75 million clients globally, of which 16 million are crypto clients. Revolut is currently providing crypto trading services in the UK and several other European countries. The launch of crypto trading in the UAE is in line with the company's overall strategy of expanding regulated digital asset services globally.
Consumers in the region will have the ability to trade in regulated crypto on the digital banking platform. With the growing focus of Dubai on fintech, this development strengthens the position of the city in becoming a global hub for virtual assets and finance.
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