Revolut moves closer to launching regulated crypto services in the UAE
Revolut receives initial VASP approval in Dubai, advancing its regulated digital asset strategy in the UAE.
The UAE has continued to develop one of the world's most structured frameworks for virtual assets through the Virtual Assets Regulatory Authority (VARA), providing a dedicated licensing regime for digital asset businesses. This approach has positioned the country as a preferred destination for financial institutions expanding their crypto offerings.
Revolut received in principle approval for a Virtual Assets Service Provider (VASP) licence from VARA. Once the remaining licensing requirements are met, the company plans to offer digital asset services in the UAE. The approval follows its earlier authorization from the Central Bank of the UAE for payment services, extending its presence across another area of financial services.
What the approval includes
In principle VASP licence: The approval allows Revolut to move towards obtaining a full VASP licence from VARA. Commercial operations can begin only after the remaining licensing requirements are completed.
Scope of services: The proposed licence covers:
Broker dealer services
Virtual asset management and investment services
Virtual asset exchange services
These services are expected to be offered through the Revolut retail application and the Revolut X exchange.
Customer access: Following final licensing, eligible customers in the UAE would be able to buy, sell and hold digital assets through Revolut's platform.
Broader UAE expansion: The VASP approval complements the company's earlier payments approval from the Central Bank of the UAE, supporting the expansion of its financial services portfolio within the country.
Why this matters
A phased approach to market entry: The approval demonstrates how the UAE requires firms to complete staged licensing before launching digital asset services, allowing regulators to assess governance, operational readiness and compliance before commercial operations begin.
Digital assets becoming part of broader financial platforms: Rather than treating crypto as a standalone offering, financial institutions are increasingly integrating digital assets alongside payments and other financial products within a single platform.
Regulatory clarity attracting global firms: Dubai's dedicated virtual asset framework continues to provide greater certainty for firms seeking to expand digital asset services into new markets.
🚨 What this signals for the financial sector
The development reflects a broader shift towards regulated expansion in digital assets, where market entry increasingly depends on meeting supervisory, operational and governance requirements before products are launched.
It also highlights the growing convergence of traditional financial services and digital assets. Financial institutions are expanding beyond payments into digital asset services through coordinated licensing strategies, enabling customers to access a wider range of financial products within a single platform while operating under local regulatory oversight.
