Revolut Secures UAE Approval for Crypto Services

What the Approval Enables

The in-principle approval from VARA will enable eligible UAE customers to buy, sell, and hold cryptocurrencies through both the main Revolut application and the dedicated Revolut X exchange platform. The services will operate within a regulated framework, positioning Revolut to provide compliant crypto access to a growing market of digital asset users.

Joseph Khair, head of Revolut Digital Assets FZE in the UAE, stated that this regulatory milestone establishes a foundation for introducing virtual asset services within a controlled environment. The approval aligns with VARA‘s goal of creating a safe, transparent and innovation-driven virtual assets ecosystem.

Building a Regulated Platform

This VARA approval represents Revolut’s latest milestone in a phased regulatory strategy. The approval follows a licensing cycle that opened with in-principle approval from the Central Bank of the UAE in September 2025 and closed with final licenses in June 2026. The Central Bank granted Revolut:

• Stored value facilities for holding fiat currencies, tokens, and reward points
• Category-2 retail payment services for cross-border transactions

Together, these authorizations allow Revolut to operate a comprehensive, locally regulated financial platform in the UAE. The company serves over 75 million customers globally, with more than 16 million actively trading cryptocurrency.

Regulatory Timeline

The Broader Context

The VARA, established in Dubai in March 2022, serves as the central authority for virtual asset regulation in the region. It has issued 50 Virtual Asset Service Provider licenses to date, including to entities like Animoca Brands and major crypto firms.

Revolut’s services in the UAE will be subject to continuous VARA oversight, including strict requirements for governance, financial health, technology, cybersecurity, risk management, and anti-money laundering controls.

Evolving Global Strategy

While expanding in the Gulf region, Revolut is simultaneously adjusting its crypto offerings in Europe. Due to the European Union’s MiCA regulations, Revolut has informed affected users it will soon cease accepting deposits in Tether’s USDT. The company plans to remove the stablecoin entirely from eligible European Economic Area accounts, citing Tether’s lack of MiCA authorization in the EU.

Beyond the UAE, Revolut is preparing to enter the United States market. The company has announced plans to apply for a national bank charter next year, positioning itself for a larger footprint in American consumer banking and crypto services.