Revolut has taken another step in its Middle East expansion after receiving in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to provide cryptocurrency services in the United Arab Emirates.
The provisional approval, announced on July 15, allows the global fintech to move closer to offering crypto broker-dealer, management, investment and exchange services in the UAE. Once final regulatory approvals are secured, the services will be available through the Revolut app as well as its dedicated trading platform, Revolut X.
The latest milestone follows a series of regulatory approvals that have strengthened Revolut’s presence in the UAE. In June 2026, the company obtained a Stored Value Facilities license and a Retail Payment Services (Category II) license from the Central Bank of the UAE (CBUAE), building on an in-principle approval granted in September 2025.
By combining payment infrastructure with digital asset capabilities, Revolut aims to create an integrated financial ecosystem in the UAE. The payment licenses enable customers to store and transfer funds, while the VARA approval paves the way for regulated cryptocurrency trading and custody services.
Dubai has positioned itself as a leading global hub for digital assets through VARA’s regulatory framework, which supports a broad range of virtual asset activities, including trading, exchange operations and custody. The regulatory clarity has attracted international fintech and crypto firms seeking a well-defined operating environment.
Revolut said it currently serves 16 million cryptocurrency users worldwide as part of its broader customer base of 75 million. The company sees the UAE as a strategic market due to its growing community of crypto investors, entrepreneurs and internationally connected residents.
Although the approval marks significant progress, Revolut must still obtain final authorization from VARA before officially launching its cryptocurrency services in the country.
The approvals from both the Central Bank of the UAE and VARA highlight the company’s compliance-focused expansion strategy, reflecting a broader industry shift toward regulated digital asset platforms that integrate traditional financial services with cryptocurrency offerings.
