Revolut receives in-principle approval from UAE authorities for crypto services
Dubai’s Virtual Assets Regulatory Authority approved the London-headquartered fintech company for broker-dealer, management and investment, and exchange services in the UAE.
UK-based financial company Revolut has received approval from the Virtual Assets Regulatory Authority (VARA) of Dubai to offer crypto-related services in the United Arab Emirates (UAE).
In a Wednesday notice, Revolut said that, following a green light from the Central Bank of the UAE for payment activities, VARA gave in-principle approval for the company to offer broker-dealer, management and investment, and exchange services in the UAE. The company said its services via the app and the Revolut X exchange would allow UAE-based users to buy, sell and hold digital assets.
“This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment,” said Revolut’s head of digital assets in the UAE free zone establishment, Joseph Khair.