Revolut Receives In-Principle Approval from UAE's VARA for Crypto Services

On Wednesday, UK-based financial company Revolut received in-principle approval from the Virtual Assets Regulatory Authority (VARA) of Dubai to offer crypto-related services in the United Arab Emirates. Following prior authorization from the Central Bank of the UAE for payment activities, VARA approved Revolut to provide broker-dealer, management and investment, and exchange services. The approval allows UAE users to buy, sell and hold digital assets through Revolut's app and Revolut X exchange. The licensing marks Revolut's expansion in the UAE, following its UK banking license obtained in March.
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