Revolut Secures In-Principle Crypto Approval from Dubai’s VARA
Revolut has obtained in-principle approval from Dubai's VARA to offer crypto services in the UAE, including trading and exchange. The move follows a green light from the UAE Central Bank and marks continued global expansion, even as it prepares to delist USDT for EEA users under MiCA.
Quick Take
Revolut gets VARA in-principle approval for crypto services in UAE.
Approval covers broker-dealer, investment, and exchange services.
Follows Central Bank nod and UK banking license in March.
Delisting of USDT in EEA planned for August amid MiCA compliance.
Market Impact Analysis
BullishRegulatory approval for a major fintech in a growing market increases institutional access and adoption.
Speculation Analysis
Key Takeaways
- Revolut has obtained in-principle approval from Dubai’s VARA to offer crypto broker-dealer, investment, and exchange services in the UAE.
- The move follows a green light from the UAE Central Bank and adds to a string of regulatory wins including a UK banking license.
- Once fully licensed, UAE users will gain access to crypto trading via Revolut’s app and the Revolut X exchange.
- This approval contrasts with Revolut’s plan to delist USDT for EEA users under MiCA, highlighting regulatory divergence.
What Happened
Revolut secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) on Wednesday, paving the way for the fintech to offer crypto services in the UAE. The approval covers broker-dealer, management, investment, and exchange services. It comes after the UAE Central Bank cleared the company for payment activities. Once fully licensed, Revolut will let UAE-based users buy, sell, and hold digital assets through its app and the Revolut X exchange. The firm joins 21 other entities holding in-principle VARA approval, moving toward a full license.
The Numbers
VARA lists 51 fully licensed crypto companies and 22 with in-principle approval. Revolut’s pending license would add to the roster of regulated firms in Dubai’s growing crypto hub. The four approved service categories—broker-dealer, management, investment, and exchange—signal a comprehensive offering. Meanwhile, in Europe, Revolut will delist Tether’s USDT stablecoin in August for EEA and Swiss users, citing MiCA compliance.
Why It Happened
Dubai’s crypto-friendly regime and clear VARA framework have attracted major players. For Revolut, the UAE expansion follows its UK banking license in March and ongoing applications for a US charter and Peru license. The region’s regulatory clarity offers a contrast to tighter European rules under MiCA, which forced the USDT delisting. By securing VARA approval, Revolut taps into a market prioritizing digital asset innovation.
Broader Impact
Revolut’s progress could spur other fintechs to seek UAE licenses, reinforcing Dubai’s status as a global crypto hub. It also highlights the strategic trade-offs firms make as they navigate diverging regulatory landscapes. The move may accelerate institutional crypto adoption in the Middle East.
What to Watch Next
- Monitor for Revolut’s full VARA license issuance and subsequent service launch for UAE users.
- Track whether more exchanges and fintechs follow Kraken and Revolut into the Dubai market.
- Watch how Revolut’s delisting of USDT in Europe affects its global stablecoin strategy.
This article is for informational purposes only and does not constitute financial advice.
Always late to trends?
Join for the latest news, insights & more.
Disclaimer: Bytewit is an independent media outlet that delivers news, research, and data.
© 2026 Bytewit. All Rights Reserved. This article is for informational purposes only.
