Fintech firm Revolut has received initial approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for a Virtual Asset Service Provider license, bringing the company a step closer to launching regulated cryptocurrency services in the UAE.

Under this approval, Revolut will be authorized to offer brokerage, trading, exchange, management, and investment services for virtual assets in the UAE upon receiving final regulatory clearance. These services are expected to be accessible through the primary Revolut app and the company’s standalone cryptocurrency trading platform, Revolut X.

Once the licensing process is finalized, eligible customers in the UAE will be able to buy, sell, and hold digital assets within the local regulatory framework. However, the current approval does not signify an immediate launch, as the commencement of services remains subject to obtaining a full license and fulfilling VARA’s final requirements.

This approval is part of Revolut’s broader strategy to enter the UAE financial services market. Last month, the company secured Stored Value Facility and Category 2 Retail Payment Services licenses from the Central Bank of the UAE, paving the way for the introduction of multi-currency accounts, physical and virtual cards, and domestic and international payments.

Joseph Khair, Head of Digital Assets for Revolut in the UAE, stated that VARA’s initial approval provides the foundation for offering virtual asset services within a transparent, secure, and regulated environment.

Founded in the UK in 2015, Revolut now serves over 75 million customers worldwide. According to the company, more than 16 million users utilize its cryptocurrency services, which are currently available in the UK and the European Economic Area.

Revolut’s entry is expected to intensify competition among regulated digital asset platforms in Dubai, a market that has emerged as a major global hub for cryptocurrency firms following the development of dedicated regulatory frameworks in recent years.