Revolut Gets Preliminary UAE Crypto License Nod Weeks After Banking Win

Revolut furthered its expansion strategy in the United Arab Emirates (UAE) by gaining in-principle approval to provide crypto services in the country.

The company secured in-principle approval for a Virtual Assets Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai, it said in a Wednesday (July 15) press release.

Subject to Revolut obtaining final regulatory approvals, this license will enable the company to offer broker-dealer, management and investment, and exchange services in the UAE through its retail app and its standalone exchange, RevolutX, according to the release.

“The UAE continues to demonstrate global leadership in establishing a robust and transparent framework for virtual assets, and we are proud to align with that vision,” Joseph Khair, head of Revolut Digital Assets FZE, UAE, said in the release. “This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment, supporting VARA’s goal of fostering a safe, transparent and innovation-driven virtual assets ecosystem.”

PYMNTS reported in June that Revolut was preparing a full-scale launch of its global financial platform in the UAE after receiving its Stored Value Facilities (SVF) and Retail Payment Services (Category II) licenses from the Central Bank of the UAE (CBUAE).

Revolut said at the time that having received these licenses, it was preparing a full-scale launch of its product offering. The company said that once live, its global financial platform will enable customers in the UAE to hold and manage multiple currencies, make payments using physical and virtual cards, and send money locally and internationally through a single app.

PYMNTS reported in September that Revolut has been securing licenses in a string of new markets as it expands its presence beyond the United Kingdom and Europe.

When the company released its annual report in March, Revolut Co-Founder and CEO Nik Storonsky said: “We have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth.”

It was reported in June that Revolut’s expansion plans including a launch in South Africa by 2028 and already has a waitlist of close to 100,000 registrations in the country.