Revolut has taken another step toward launching cryptocurrency services in the United Arab Emirates after receiving in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
The approval allows the fintech company to move forward with plans to offer regulated virtual asset services in Dubai, although it must still obtain final regulatory clearance before operations can begin.
JUST IN: Revolut has secured preliminary approval for a crypto licence in the UAE from the Virtual Assets Regulatory Authority (VARA).
This paves the way for crypto trading and custody services in the UAE — one of the world’s leading crypto hubs.
Note: Preliminary approval… pic.twitter.com/BGiLPQTuJu
— Max Karpis (@maxkarpis) July 15, 2026
Once fully licensed, eligible customers in the UAE will be able to buy, sell, and hold cryptocurrencies through the Revolut app and its standalone trading platform, Revolut X.
What does VARA’s approval allow?
The in-principle approval covers several regulated virtual asset activities, including broker-dealer services, exchange services, and virtual asset management and investment services.
While the approval does not authorize Revolut to begin offering crypto products immediately, it brings the company closer to entering one of the world’s fastest-growing regulated digital asset markets.
The latest approval adds to Revolut’s growing regulatory presence in the UAE. Earlier this year, the company also received authorization from the Central Bank of the UAE to provide payment services, supporting its strategy of building a fully regulated financial ecosystem in the country.
ALSO READ: HSBC Launches TradeCash in UAE as Digital Financing Demand Grows
Why is Dubai becoming a major crypto hub?
Dubai has continued to build its position as a leading destination for digital asset businesses by creating clear rules for the industry.
Last year, the UAE’s Securities and Commodities Authority (SCA) and VARA aligned their licensing frameworks, making it easier for companies licensed in Dubai to expand their operations across the UAE after meeting the required compliance standards.
The clearer regulatory environment has attracted several crypto firms. Companies such as MultiBank and CoinMENA have also secured VARA approvals as they expanded their operations in Dubai, showing the emirate’s increasing role as a regional hub for regulated digital asset services.
What’s next for Revolut’s crypto business in the UAE?
Joseph Khair, Head of Revolut Digital Assets FZE in the UAE, said the approval reflects the country’s leadership in creating a strong regulatory framework for virtual assets.
He said the approval lays the foundation for Revolut to introduce crypto services in a regulated environment while supporting VARA’s goal of building a safe and transparent digital asset ecosystem.
Revolut said it serves more than 75 million customers worldwide, including over 16 million crypto users. The company already offers crypto trading in the United Kingdom and the European Economic Area and plans to extend those services to UAE customers once it receives final regulatory approval.
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