Revolut has secured in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer broker-dealer, management and investment, and exchange services in the UAE. The green light, though preliminary, marks a step toward the fintech firm's full licensing in the emirate's fast-growing digital assets market.
What the Approval Covers
The VARA authorization covers three distinct service categories: broker-dealer operations, management and investment services, and exchange services. This means Revolut can prepare to act as a broker for virtual asset transactions, manage and invest clients' digital assets, and operate a platform for trading cryptocurrencies and other virtual assets. The approval is not yet final — Revolut must meet additional conditions before VARA issues a full operational license.
Why Dubai Matters for Revolut
Dubai has positioned itself as a global hub for crypto and blockchain businesses, with VARA acting as the dedicated regulator. For Revolut, which already offers crypto trading in other markets, the UAE approval opens a pathway to serve a region with high demand for digital financial services. The company has been expanding its crypto offerings across Europe and beyond, and the Dubai license could help it tap into the Middle East's growing investor base.
Dubai's Regulatory Framework
VARA was established in 2022 to oversee virtual asset activities in Dubai, excluding the Dubai International Financial Centre (DIFC), which has its own regulator. The authority has been issuing licenses to crypto exchanges and brokers, aiming to create a secure environment for digital asset innovation. Revolut's in-principle approval signals that the regulator is open to well-established fintech players entering the market.
What Comes Next
Revolut now has to satisfy VARA's remaining conditions to convert the in-principle approval into a full operational license. The company has not disclosed a timeline for when it expects to launch services in the UAE. Until then, it cannot begin offering broker-dealer, management, or exchange services to customers in the emirate.
