TLDR
- Dubai’s Virtual Assets Regulatory Authority (VARA) granted Revolut preliminary approval to provide cryptocurrency services across the UAE
- The preliminary license encompasses exchange operations, broker-dealer activities, and asset management services
- UAE customers will gain access to digital asset trading through both the main Revolut application and the Revolut X trading platform
- The crypto approval complements Revolut’s existing payment services license from the UAE Central Bank
- The fintech firm intends to remove Tether’s USDT stablecoin from its European platform in August to comply with MiCA framework
The London-headquartered financial technology firm Revolut has secured preliminary authorization from the Virtual Assets Regulatory Authority (VARA) in Dubai to deliver cryptocurrency services throughout the United Arab Emirates.
The regulatory green light spans three distinct service categories: exchange operations, broker-dealer functions, and management plus investment services. Customers based in the UAE will access these digital asset offerings 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 establishment, this approval “lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment.”
This VARA clearance builds upon the payment services authorization that Revolut previously obtained from the Central Bank of the UAE. The combination of both regulatory approvals strengthens Revolut’s position within the Emirate’s evolving financial landscape.
International Growth Strategy Accelerates
The UAE authorization represents another milestone in Revolut’s aggressive international expansion strategy. The financial services provider obtained its UK banking license in March 2026. Additional regulatory applications remain pending in the United States for a banking charter and in Peru for operational licensing.
Currently, 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.
VARA extended preliminary approval to Payward, which operates the Kraken cryptocurrency exchange, during May. Industry observers anticipate Kraken’s complete operational launch in the UAE in the near future.
European USDT Removal Scheduled for August
As Revolut pursues opportunities in the UAE market, the company is simultaneously implementing a contrasting approach in European territories. The platform intends to discontinue support for Tether’s USDT stablecoin for all customers located in the European Economic Area and Switzerland beginning in August.
This decision emerged from an internal assessment of cryptocurrency offerings conducted in response to the European Union’s Markets in Crypto-Assets regulation, commonly referred to as MiCA. The MiCA framework established a July 1 deadline for digital asset service providers to secure proper licensing.
Revolut verified the upcoming USDT delisting to Cointelegraph during the previous week. Company representatives attributed the decision to risk management considerations under the evolving European regulatory structure.
These parallel developments ā territorial expansion in the Middle East coupled with the European stablecoin withdrawal ā illustrate how divergent regulatory frameworks are influencing Revolut’s cryptocurrency approach across different jurisdictions.
Revolut remains in the authorization process with VARA and must receive final clearance before launching comprehensive virtual asset services throughout Dubai.
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