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Revolut has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority to offer regulated cryptocurrency services in the United Arab Emirates, extending its local expansion from payments into digital assets.
The approval covers broker-dealer, exchange, and management and investment services. Subject to obtaining the final regulatory permissions, Revolut plans to deliver those services through its main retail application and Revolut X, its standalone crypto exchange.
The company has not set a launch date. Revolut told BitBullNews that further regulatory work must be completed before it receives a full Virtual Asset Service Provider licence and begins offering crypto products in the market.
The Approval Opens The Door But Does Not Authorize A Launch
The distinction between in-principle approval and a full operating licence is central to the announcement.
Revolut can continue preparing its local crypto business, but it cannot treat the approval as permission to begin serving customers immediately. VARA requires companies conducting regulated virtual asset activity in or from Dubai, outside the Dubai International Financial Centre, to obtain the appropriate licence before commencing operations.
We continue to work closely with VARA and look forward to bringing regulated virtual asset services to customers in the UAE.
Revolut said in response to questions from BitBullNews.
The company declined to provide a target date for receiving the full licence or launching its services. It also did not specify which remaining regulatory conditions must be satisfied.
VARA’s licensing framework allows firms to combine several regulated activities under one overarching VASP licence, provided they meet the requirements attached to each category. Revolut’s in-principle scope includes:
- Virtual asset broker-dealer services
- Virtual asset exchange services
- Virtual asset management and investment services
VARA regulates eight categories of virtual asset activity in total. Firms licensed for multiple activities must satisfy the applicable rulebooks and maintain compliance for each service they provide.
Revolut Plans To Use Both Its Main App And Revolut X
Once final approval is secured, Revolut intends to make crypto services available through two established distribution channels.
Its retail application would allow eligible customers to buy, sell, and hold digital assets alongside the company’s broader financial products. Revolut X would provide a separate trading venue designed around a more specialized crypto interface.
The company has not yet disclosed which channel will launch first or whether both will become available at the same time.
Revolut also declined to confirm:
- Which digital assets will be supported
- Whether the service will use a custodial or self-custody structure
- Which customer groups will be eligible
- Whether access will be limited to UAE residents
- How the UAE product will differ from its UK and European Economic Area services
- Which of the approved service categories will go live first
Revolut said those details will be announced closer to launch and will reflect both the final regulatory scope and the requirements of customers in the UAE.
That measured approach leaves the product structure open while the licensing process continues. It also prevents the company from committing to an asset list or operating model before VARA has approved the final service configuration.
The UAE Becomes A Strategic Crypto Market For Revolut
Revolut serves more than 75 million customers worldwide and says over 16 million of them use its crypto products. The company already offers digital asset services in the UK and the EEA, making the UAE a significant addition to its regulated geographic footprint.
Asked whether the expansion was primarily about serving local customers or using Dubai as a regional crypto hub, Revolut described the UAE as strategically important on both fronts.
Our goal is to serve customers with a trusted, regulated crypto offering while strengthening our global presence in one of the world’s leading digital asset ecosystems.
the company told BitBullNews.
The official announcement follows the same positioning. Joseph Khair, Head of Revolut Digital Assets FZE in the UAE, said the preliminary approval provides a foundation for introducing the company’s virtual asset services within VARA’s regulatory framework.
Dubai has created separate licence categories for exchanges, brokers, custodians, lenders, asset managers, transfer providers and token issuers. The structure gives international firms a defined route into the market while keeping each activity subject to specific governance, technology, compliance and conduct requirements.
Payments And Crypto Are Being Built Under Separate Approvals
The VARA approval comes one month after Revolut received full Stored Value Facilities and Retail Payment Services Category II licences from the Central Bank of the UAE.
Those payment licences completed a process that began with in-principle approval in September 2025. They allow Revolut to prepare a local offering that can include multicurrency accounts, physical and virtual cards, domestic and international transfers, and other regulated payment services.
Crypto services sit under a separate regulatory track. VARA oversees the proposed virtual asset offering, while the Central Bank licences Revolut’s payment and stored-value activities.
Together, the approvals support a broader local product strategy, but they should not be read as one combined authorization. Revolut must complete the requirements attached to each regulatory framework before introducing the corresponding services.
Our payments licences from the Central Bank of the UAE and this in-principle approval from VARA reflect our long-term commitment to the UAE.
the company told BitBullNews.
Revolut said the two sets of approvals support its ambition to bring more of its global product experience to the country over time. The company would not comment on whether it plans to seek a banking licence, issue a stablecoin, or add other locally regulated products.
A Local Financial Ecosystem Is Starting To Take Shape
Revolut’s UAE strategy is becoming clearer even though the crypto launch remains some distance away.
The payments licences establish the regulated base for everyday financial services. A full VARA licence would add crypto trading and investment functionality through the same wider product ecosystem.
That combination fits Revolut’s established model: give customers access to payments, currency exchange, cards, transfers and digital assets through connected interfaces rather than separate financial providers.
But the UAE version will not necessarily replicate the company’s offering in Britain or Europe. Revolut said local differences will reflect VARA’s regulatory framework and the needs of UAE customers.
The company has also been careful not to describe the planned service as fully defined. Product availability, asset coverage, eligibility, custody arrangements and rollout order remain under review.
This matters for prospective customers. The announcement confirms the regulatory direction of travel, not the immediate availability of crypto trading.
Revolut X Extends The Opportunity Beyond Basic App Trading
The planned inclusion of Revolut X adds a professional trading layer to the UAE strategy.
Rather than limiting the launch to simple buying and selling inside the main app, Revolut intends to include its standalone exchange within the approved structure. The official announcement says eligible UAE customers would be able to access digital assets through both products after the remaining approvals are obtained.
The company has not said whether the UAE version of Revolut X will carry the same assets, order types or pricing structure available elsewhere. Nor has it confirmed whether the platform will initially target retail traders, professional investors or a broader mix of customers.
Those decisions may depend on the final conditions attached to the licence. VARA distinguishes among exchange, broker-dealer and management and investment activities, each with its own operating requirements.
Still, naming Revolut X in the initial announcement signals that the company is planning more than a lightweight crypto feature. It is preparing to address both customers who want digital assets inside a general financial app and users seeking a dedicated trading environment.
Customer Eligibility Will Be Defined Closer To Launch
The UAE has a large expatriate population and serves as a financial base for people whose money, businesses and investments span several countries.
That makes customer eligibility a major commercial question. But Revolut has not confirmed whether its crypto service will be limited to residents or extended to other eligible users connected to the UAE.
We’ll share more details closer to launch. Any products and services will be launched in line with the scope of our regulatory approvals.
the company said.
The final structure may distinguish between customers based on residence, documentation, investor classification or access to particular product categories. Revolut has not provided those details, and the in-principle approval alone does not settle them.
The same applies to the asset list. Revolut has not named any cryptocurrencies or stablecoins for the UAE service.
The Next Milestone Is The Full VASP Licence
Revolut has now assembled two major pieces of its UAE regulatory strategy.
The Central Bank payment licences are complete, and the company is preparing its local financial product ahead of launch. The crypto business has reached in-principle approval but still requires a full VARA licence before virtual asset services can begin.
Revolut’s immediate priority is therefore execution rather than product expansion. It must complete the licensing process, finalize its UAE crypto structure and align customer access with the permissions it receives.
The eventual proposition could link payments, currency management and digital asset trading inside one regulated local ecosystem. But Revolut is not presenting that full model as live today.
For now, the VARA approval establishes intent and regulatory scope. The full licence, product disclosures and launch date will determine how much of Revolut’s global crypto business reaches UAE customers — and how quickly.