MV Capital - Revolut Secures In-Principle VARA Approval for Crypto Services in UAE

Revolut has gained preliminary regulatory clearance from Dubai’s Virtual Assets Regulatory Authority to provide crypto brokerage, exchange, and investment services in the United Arab Emirates

Regulatory Milestone for Revolut in the Middle East

Revolut announced that Dubai’s Virtual Assets Regulatory Authority granted it in-principle approval for a Virtual Asset Service Provider licence. The approval covers broker-dealer activities, management and investment services, and exchange operations.

Following final sign-off, eligible customers in the UAE will access the ability to buy, sell, and hold digital assets through the main Revolut application and the dedicated Revolut X platform.

Key DetailsIn-principle VARA approval for multiple crypto service categories
Builds on prior UAE Central Bank payment services licences from June
Part of Revolut’s plan for a locally regulated financial platform

Background on VARA and UAE Framework

VARA was established in March 2022 under Dubai’s Virtual Asset Regulation Law. The authority evaluates applicants on governance, financial resilience, technology, cybersecurity, risk management, and anti-money laundering measures. It maintains ongoing supervision of licensed entities.

At the time of the announcement, VARA had issued full licences to 51 firms, with additional entities including Revolut holding in-principle status. Recent licence recipients include companies such as Animoca Brands.

 Joseph Khair, head of Revolut Digital Assets FZE in the UAE, stated that the approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment and supports VARA’s goal of a safe, transparent, and innovation-driven ecosystem.
Joseph Khair, Revolut

Revolut’s Recent UAE Progress

This development represents Revolut’s second major regulatory step in the UAE within two months. In June, the Central Bank of the UAE provided licences for stored value facilities and category-2 retail payment services. These enable holding of fiat, tokens, and reward points, along with cross-border transfers and merchant services.

Revolut described the combined authorisations as elements of a single strategy to establish a comprehensive regulated financial platform in the country.

Regulator	Licence Type	Timing	Scope
VARA	In-principle VASP	July 2026	Crypto brokerage, exchange, investment services
UAE Central Bank	Stored Value & Retail Payments	June 2026	Payments and asset storage

Revolut’s Global Operations and Adjustments

Founded in 2015 by Nikolay Storonsky, Revolut provides crypto services to more than 16 million customers in the UK and European Economic Area. The company operates under existing frameworks in those regions.

In Europe, Revolut is adjusting its offerings in response to the EU’s Markets in Crypto-Assets rules. The firm plans to stop accepting Tether’s USDT deposits and remove the stablecoin from certain EEA accounts starting in August, as Tether lacks MiCA authorisation. Affected users can sell or transfer holdings beforehand.

Revolut also holds a UK banking licence obtained in March 2026 and continues work on applications for a US national bank charter and licensing in other markets.

Summary PointsRevolut advances regulated crypto presence in the UAE
VARA approval complements existing payment licences
Services target buy, sell, and hold functions for UAE users
Expansion occurs alongside product changes in European markets

The move aligns with the UAE’s position as a jurisdiction focused on structured virtual asset regulation. Revolut joins other firms navigating VARA’s licensing process to serve customers in the region.