Revolut secures VARA in-principle approval for UAE crypto services
The fintech plans app and Revolut X access in the UAE while preparing an August USDT delisting in parts of Europe.
Revolut said Dubai’s Virtual Assets Regulatory Authority granted it in-principle approval to offer multiple regulated crypto services in the UAE. The move sets up a UAE rollout through the Revolut app and Revolut X even as the firm plans to delist USDT for some European users starting in August.
Key Takeaways
- Dubai’s VARA granted Revolut in-principle approval spanning broker-dealer, management and investment, and exchange services in the UAE.
- The approval followed a green light from the Central Bank of the UAE for Revolut’s payment activities.
- Revolut said UAE users will be able to buy, sell, and hold digital assets through the Revolut app and the Revolut X exchange once the offering launches.
- A MiCA-linked risk review is pushing Revolut to begin delisting USDT in August for the European Economic Area and Switzerland.
Revolut Lands VARA In‑Principle Approval for UAE Crypto Services
Revolut said on July 15 that Dubai’s Virtual Assets Regulatory Authority (VARA) granted the firm in-principle approval to offer crypto services in the UAE. The approval covers broker-dealer, management and investment, and exchange services.
The company framed the decision as part of a regulated buildout rather than a soft launch. Joseph Khair, Revolut’s head of digital assets in the UAE free zone establishment, said: “This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment.”
Revolut also said the VARA step came after the Central Bank of the UAE gave it a green light for payment activities. No timeline was provided for when the in-principle status converts into a full license, and that gap matters because it leaves traders without a confirmed go-live date.
What the UAE Rollout Covers: App Trading and Revolut X Access
Revolut said UAE-based users will be able to buy, sell, and hold digital assets via the Revolut app and the Revolut X exchange once services are introduced under the regulated framework.
What is confirmed is the intended distribution: the retail-facing app plus the firm’s exchange venue. What is not disclosed is the operational detail that determines real market impact, including which tokens and stablecoins will be supported, the custody model, and the fee and limit schedule.
Until those specifics land, the approval reads as positioning for regulated access across multiple service categories, not an immediate liquidity event. The in-principle label signals progress, but it is still a pre-launch state.
Dubai’s VARA Landscape: How Crowded the Licensing Pipeline Is
Revolut is entering an active licensing market. At the time of publication, VARA listed 51 companies licensed to offer crypto-related services in the UAE, with another 22 entities holding in-principle approval.
That mix matters for competitive dynamics. A long list of licensed entities suggests the regulator has already built a functioning pipeline, and it also implies Revolut will be competing for the same pool of local users, market makers, and banking and payment integrations that determine spreads and throughput.
VARA has continued to add large names. In May, the regulator preliminarily approved Payward, the parent company of Kraken, and the company was expected to fully launch in the region soon.
Signals to Watch for Revolut wins Dubai VARA in-principle crypto
The next catalyst is conversion from in-principle approval to a full VARA license, along with any stated UAE launch date. Without that, traders are left with regulatory intent but no timetable.
Product detail is the second lever. The market will need clarity on supported assets and stablecoins, custody and settlement design, fees and limits, and whether Revolut X is available locally at launch or phased in.
The third signal sits outside the UAE. Revolut plans to start delisting Tether’s USDT in August for the European Economic Area and Switzerland, following a review of crypto services and “risk considerations” under the EU’s Markets in Crypto-Assets (MiCA) framework. MiCA required digital-asset service providers to be licensed by July 1, and further MiCA-driven asset availability changes from Revolut would reinforce that product access is increasingly jurisdiction-specific.
Why Revolut’s UAE Green Light Matters for Liquidity Rails as Europe Tightens
I see this as a clean example of regulatory divergence turning into product divergence. VARA’s in-principle approval sets Revolut up to expand regulated crypto access in the UAE across broker-dealer, investment, and exchange categories, but the threshold that matters is full licensing plus a published rollout plan that shows how assets, custody, and fees will work in practice.
At the same time, the planned August USDT delisting for the EEA and Switzerland looks more like a compliance-driven product constraint than a discretionary business choice. If the UAE launch lands with broad stablecoin support and Revolut X access, the setup starts to look structural rather than narrative-driven because it changes where Revolut can reliably intermediate flows and where it cannot.
