TLDR
- Revolut received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer crypto services in the UAE
- The approval covers broker-dealer, management and investment, and exchange services
- Users will be able to buy, sell and hold digital assets via the Revolut app and Revolut X exchange
- This follows Revolut’s earlier payment approval from the Central Bank of the UAE
- Revolut is also planning to delist Tether’s USDT stablecoin in Europe starting August due to MiCA regulations
Revolut, the London-based fintech company, has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer crypto services in the United Arab Emirates.
BREAKING: Revolut wins in-principle approval from UAE authorities for crypto services.
London fintech cleared for broker-dealer and exchange licenses by Dubai regulators. pic.twitter.com/jLveMtjeZq
— MSB Intel (@MSBIntel) July 15, 2026
The approval covers three areas: broker-dealer services, management and investment, and exchange services. UAE-based users will be able to access these through the Revolut app and its Revolut X exchange platform.
Joseph Khair, Revolut’s head of digital assets in the UAE free zone establishment, said the approval “lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment.”
The VARA approval comes alongside an existing payment services approval Revolut already holds from the Central Bank of the UAE. Together, these two approvals give Revolut a broader foothold in the country’s financial system.
Revolut’s Global Expansion Push
This UAE milestone is part of a wider push by Revolut to grow internationally. The company received a UK banking license in March 2026. It also has pending applications for a US banking charter and licensing in Peru.
As of publication, VARA has licensed 51 companies to offer crypto services in the UAE. Another 22 entities, including Revolut, hold in-principle approval.
In May, VARA gave preliminary approval to Payward, the parent company of cryptocurrency exchange Kraken. Kraken is expected to fully launch in the UAE soon.
Revolut Plans to Drop USDT in Europe
While Revolut expands in the UAE, the company is making a different move in Europe. It plans to delist Tether’s USDT stablecoin for users in the European Economic Area and Switzerland starting in August.
The decision follows a review of its crypto services under the EU’s Markets in Crypto-Assets framework, known as MiCA. Under MiCA, companies offering digital asset services were required to be licensed by July 1.
Revolut confirmed the planned delisting to Cointelegraph last week. The company cited risk considerations under the new regulatory framework as the reason for the move.
The two developments — expansion in the UAE and the USDT exit in Europe — show how different regulatory environments are shaping Revolut’s crypto strategy across regions.
Revolut continues to await final authorization from VARA before it can fully launch virtual asset services in Dubai.
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