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.
