Revolut has secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority to offer broker-dealer, management and investment, and exchange services in the United Arab Emirates. The approval marks the London-based fintech company’s latest expansion into Middle Eastern markets.
The VARA approval allows Revolut to provide a range of crypto services to customers in the UAE, including trading, custody, and investment management. The company plans to leverage its existing global infrastructure to offer competitive services in the region, where demand for digital asset exposure has grown significantly.
The UAE has positioned itself as a leading hub for crypto innovation, with Dubai establishing VARA as a dedicated regulator for virtual asset activities. The regulatory framework provides clarity for businesses while maintaining consumer protection standards, attracting both startups and established financial firms to the jurisdiction.
For Revolut, which has been expanding its crypto offerings across multiple markets, the UAE approval represents another step in its strategy to become a comprehensive financial services platform. The company already offers crypto trading in several European markets and has been adding features such as staking and yield products.
The in-principle approval means Revolut must now meet certain conditions before receiving full authorization to operate. The company will need to demonstrate compliance with VARA’s operational, financial, and security requirements before launching services to UAE customers.
The UAE market is becoming increasingly competitive for crypto services, with both local and international players vying for market share. The country’s favorable regulatory environment and high rate of digital adoption make it an attractive market for crypto companies looking to expand beyond their home jurisdictions.
Revolut’s entry into the UAE crypto market also highlights the growing trend of traditional fintech companies integrating digital asset services into their product offerings as a way to attract and retain customers in an increasingly competitive landscape.
This article was adapted from Cointelegraph. Read the original here.
