Revolut secures in-principle approval for virtual asset services in Dubai

Revolut just took another step toward becoming a full-service crypto platform in the Middle East. The fintech company announced on July 15 that it received in-principle approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for a Virtual Assets Service Provider (VASP) license, covering broker-dealer services, management and investment services, and exchange services for digital assets in the UAE.

The keyword here is “in-principle.” Revolut still needs final regulatory sign-off before it can actually flip the switch.

Stacking licenses like loyalty cards

This isn’t Revolut’s first rodeo in the UAE. The company secured an in-principle clearance from the Central Bank of the UAE (CBUAE) back in September 2025. Then, on June 17, 2026, it locked down full licenses for both Stored Value Facilities and Retail Payment Services.

Joseph Khair, Head of Revolut Digital Assets FZE in the UAE, framed the approval as groundwork for operating within VARA’s regulated framework, emphasizing alignment with the authority’s goals of fostering a transparent and secure virtual assets ecosystem.

The numbers behind the move

Revolut serves over 75 million customers globally. Of those, more than 16 million already engage with cryptocurrency through the platform. That’s roughly one in five Revolut users touching crypto.

The plan is to integrate UAE crypto services into Revolut’s retail app as well as Revolut X, the company’s standalone exchange. The dual-distribution approach means casual users get crypto access inside the app they already use for everyday banking, while more active traders get a purpose-built exchange experience.

For context, the UAE has been aggressively positioning itself as a global hub for virtual assets ever since VARA was established in March 2022.

What this means for investors

The risk factor to watch is execution timeline. In-principle approvals can sometimes sit in regulatory limbo longer than companies anticipate. Revolut hasn’t disclosed when it expects final clearance, and the gap between in-principle and fully operational can stretch for months.

There’s also the question of which specific tokens and services Revolut will offer once it goes live. The company hasn’t named any particular cryptocurrencies for its UAE launch. VARA has its own framework for which assets can be offered to retail investors, and that framework doesn’t always align with what platforms offer in other jurisdictions.

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