Revolut Gains In-Principle Approval From Dubai's VARA for Crypto Services

UK fintech company Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer cryptocurrency services in the UAE, covering broker-dealer, asset management, and exchange operations. According to Foresight News, citing The National, Revolut UAE Digital Assets Head Joseph Khair said the approval lays the foundation for launching virtual asset services under a regulated framework. Revolut currently serves over 75 million customers globally and obtained a stored value facility and Category II retail payment services license from the UAE central bank in June this year. The company plans to roll out broader virtual asset services via its retail app and standalone exchange Revolut X, enabling eligible users to buy, sell, and hold digital assets within a compliant framework. The official launch date has not been disclosed.