Revolut has taken another step toward expanding its cryptocurrency business after receiving in-principle approval to offer virtual asset services in the United Arab Emirates.
The approval was granted by Dubai’s Virtual Assets Regulatory Authority (VARA), enabling the London-based fintech to proceed with its application for a Virtual Asset Service Provider (VASP) licence. Once it receives full regulatory approval, Revolut will be able to offer crypto broker-dealer, exchange, and investment services to eligible customers in the UAE.
The development adds to Revolut’s growing presence in the UAE. In June, the company secured licences from the Central Bank of the UAE to provide retail payment services and stored-value facilities, laying the groundwork for a broader financial services offering in the country.
Revolut stated that the latest approval aligns with its strategy of expanding through international markets. The company serves more than 75 million customers worldwide, including over 16 million crypto users, and already offers digital asset trading in the UK and several European markets.
The approval is not a full operating licence. Instead, it is an important regulatory milestone that allows Revolut to complete the remaining licensing requirements before launching crypto services in Dubai. The company said it will continue working with VARA to satisfy all conditions for a full VASP licence.
Dubai has become one of the world’s most active crypto hubs since establishing VARA in 2022. The regulator has introduced a dedicated licensing framework for virtual asset companies, attracting exchanges, fintech firms and blockchain startups seeking regulatory clarity. Recent coordination between VARA and the UAE Securities and Commodities Authority has also made it easier for licensed firms to expand their operations across the country.
For Revolut, the approval strengthens its ambition to become a global financial super app offering banking, payments, investments and digital assets through a single platform. The company has spent the past two years expanding its regulatory footprint, securing banking and payments licences across multiple jurisdictions while adding new investment products beyond cryptocurrency.
If Revolut obtains its full VASP licence, customers in the UAE will gain access to its crypto services through the Revolut app, joining users in other regulated markets where the company already offers digital asset trading.
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