Revolut received the "green light" from Dubai's regulator: crypto services in the UAE become a reality
Global 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 Virtual Assets Regulatory Authority (VARA). This is not just a formality, but a strategic breakthrough that opens access for Revolut to one of the most dynamically developing crypto hubs in the world.
The approval covers a wide range of activities: from brokerage-dealer services and asset management to direct exchange of digital currencies. Revolut intends to integrate these capabilities both into its main app and through the specialized platform Revolut X, designed for advanced traders.
Strategic Duo: Crypto License and Payment Status
It is important to note that this is not Revolut's first regulatory success in the region this year. Earlier, the company also received approval from the Central Bank of the UAE to conduct payment activities. Thus, Revolut is building a full-fledged, regulated financial ecosystem where traditional fiat operations and crypto services will work in tandem. Upon receiving all final approvals, clients in the UAE will be able to buy, sell, and store digital assets within the strict framework of local legislation.
According to Joseph Khair, Head of Revolut Digital Assets FZE in the UAE, this step fully aligns with VARA's mission to create a safe and transparent environment for digital assets. Revolut sees itself not just as another player, but as the primary financial app for the global Web3 community. Given that the service already serves over 16 million crypto clients worldwide out of a total base of 75 million users, the company's ambitions are more than justified.
Cryptalist Analysis: Revolut is methodically building a bridge between traditional finance and DeFi, and obtaining the VARA license is a key element of this strategy. The UAE, and especially Dubai, is currently one of the few jurisdictions where regulators not only tolerate cryptocurrencies but are actively creating infrastructure for them. The entry of a heavyweight like Revolut into this market is a powerful signal for institutional investors and confirmation that the Middle East is becoming a new epicenter of crypto innovation.