Key Highlights
- Dubai’s Virtual Assets Regulatory Authority (VARA) granted Revolut preliminary clearance to provide cryptocurrency services across the UAE
- The clearance encompasses broker-dealer operations, asset management and investment functions, plus exchange capabilities
- UAE customers will gain access to purchase, trade, and store cryptocurrencies through both the Revolut application and Revolut X trading platform
- The crypto approval builds upon Revolut’s existing payment service authorization from the UAE’s Central Bank
- Separately, Revolut will remove Tether’s USDT stablecoin from its European platform beginning in August to comply with MiCA framework
The London-headquartered financial technology firm Revolut has secured preliminary regulatory clearance from Dubai’s Virtual Assets Regulatory Authority (VARA) to deliver cryptocurrency-related services throughout the United Arab Emirates.
The regulatory green light encompasses three key service categories: broker-dealer functions, management and investment operations, and exchange platform services. Customers residing in the UAE will be able to utilize these features via both the primary Revolut mobile application and the dedicated Revolut X exchange infrastructure.
According to Joseph Khair, who leads Revolut’s digital assets division within the UAE free zone entity, the regulatory approval “establishes the groundwork for Revolut to deliver its reliable virtual asset offerings in a properly regulated framework.”
This VARA authorization supplements the payment services license that Revolut previously obtained from the Central Bank of the UAE. Combined, these dual regulatory approvals provide Revolut with expanded operational capabilities within the Emirates’ financial ecosystem.
International Growth Strategy Advances
The Dubai achievement represents another step in Revolut’s broader international expansion strategy. The firm secured a UK banking license in March 2026. Additionally, the company has submitted applications for a banking charter in the United States and licensing authorization in Peru.
According to current data, VARA has issued full licenses to 51 organizations for cryptocurrency service provision in the UAE. An additional 22 entities, which now includes Revolut, maintain in-principle approval status.
In May, VARA provided preliminary authorization to Payward, which operates as the parent entity of Kraken cryptocurrency exchange. Kraken anticipates completing its full operational launch in the UAE in the near future.
European USDT Removal Planned for August
While pursuing expansion in the Middle East, Revolut is implementing a contrasting strategy in European markets. The company intends to remove Tether’s USDT stablecoin for customers located in the European Economic Area and Switzerland, with the change taking effect in August.
This decision stems from an assessment of its cryptocurrency offerings under the European Union’s Markets in Crypto-Assets regulatory framework, commonly referred to as MiCA. The MiCA regulations mandated that firms providing digital asset services obtain proper licensing by July 1.
Revolut confirmed the upcoming USDT removal to Cointelegraph in the previous week. The organization attributed the decision to risk assessment factors under the newly implemented regulatory standards.
These parallel developments — geographic expansion in the UAE alongside the USDT withdrawal from Europe — illustrate how divergent regulatory landscapes are influencing Revolut’s cryptocurrency business approach across different jurisdictions.
Revolut remains in the process of obtaining final authorization from VARA before commencing full-scale virtual asset service operations in Dubai.
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