ABU DHABI (ALETIHAD)
Financial services company Revolut has received in-principle approval from the Virtual Assets Regulatory Authority (VARA) in Dubai to offer broker-dealer, management and investment, and exchange services in the UAE, a statement from the company said.
Revolut intends to offer the virtual asset services through its retail app and its standalone cryptocurrency exchange, Revolut X. The services would allow eligible customers in the UAE to buy, sell and hold digital assets within a regulated framework.
Revolut said the in-principle approval represents a milestone in its expansion strategy and reflects its commitment to operating within regulated markets.
The company also received approval from the Central Bank of the UAE this year for its payments activities as it seeks to establish a locally regulated financial services ecosystem.
“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.
“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.”
Revolut said it has more than 75 million customers worldwide, including over 16 million cryptocurrency customers globally. It currently provides cryptocurrency trading services in the UK and the European Economic Area and plans to introduce them in the UAE, subject to final regulatory approval.