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Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) for a Virtual Assets Service Provider licence, clearing a path for the fintech to offer broker-dealer, management and investment, and exchange services in the UAE.
Subject to final regulatory approvals, Revolut plans to offer the services through its retail app and Revolut X, its standalone crypto exchange, letting eligible UAE customers buy, sell and hold digital assets within a regulated framework. The business sits under a dedicated local entity, Revolut Digital Assets FZE, headed by Joseph Khair, who said the approval "lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment."
The VARA approval adds a second regulatory pillar to the UAE operation Revolut has been assembling all year. The company completed its Central Bank of the UAE licensing last month, securing Stored Value Facilities and Retail Payment Services licences that closed out a process begun with in-principle approval in September 2025, and has framed the two tracks together as building a locally regulated, end-to-end financial ecosystem. A launch date has not been announced, with the UAE business, led by GCC CEO Ambareen Musa, still in its build phase.
The crypto push carries global weight for the company, which serves more than 16 million crypto customers worldwide and has positioned itself as the financial app for the Web3 community, with trading live across the UK and EEA. The UAE would extend that footprint into a market whose dedicated virtual-assets regulator has drawn a cluster of global exchanges to Dubai.
Revolut, which has around 75 million customers globally, is weighing a secondary share sale at a $115 billion valuation.
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