Revolut receives in-principle approval from VARA: entry into the UAE crypto market becomes a reality
Fintech giant Revolut has taken a decisive step toward launching cryptocurrency services in the United Arab Emirates. The company has received in-principle approval for a Virtual Asset Service Provider (VASP) license from Dubai's regulatory body, VARA.
This in-principle approval covers several key areas of activity: broker-dealer services, asset management and investment, as well as digital asset exchange within the UAE. Revolut emphasizes that this step is a crucial milestone in its global expansion strategy.
What lies behind the VARA approval?
VARA's decision is not an isolated success. Earlier this year, Revolut also received approval from the Central Bank of the UAE to conduct payment activities. Thus, the company is building a full-fledged, regulated financial ecosystem in the country: payment services and crypto services will complement each other.
Once all final approvals are obtained, access to crypto services will be opened to eligible clients in the UAE. Operations will be conducted through the main Revolut app and the specialized exchange Revolut X. Users will be able to buy, sell, and store digital assets, operating in a transparent and regulated environment.
Revolut's strategic ambitions in the Middle East
According to Joseph Khair, Head of Revolut Digital Assets FZE in the UAE, the VARA approval lays a solid foundation for launching services. He noted that the UAE demonstrates global leadership in creating a transparent regulatory framework for virtual assets, and this step fully aligns with VARA's goals of developing a safe and reliable crypto ecosystem.
Revolut's ambitions are clear: the company aims to become the primary financial app for the Web3 community worldwide. The scale of its client base is impressive: Revolut currently serves over 16 million crypto clients globally, while the total user base of the service exceeds 75 million people.
Expert opinion: Receiving in-principle approval from VARA is not just a bureaucratic formality but a powerful signal to the market. Revolut, with its vast client base and reputation, could become a catalyst for mass cryptocurrency adoption in one of the world's most dynamically developing regions. Given that the UAE is actively striving to become a global hub for digital assets, the entry of a player like Revolut heralds a new wave of competition and an improvement in service quality for end users.