Revolut has significantly advanced its strategic expansion in the United Arab Emirates (UAE) by securing in-principle approval to offer crypto services within the country. The global financial technology firm announced in a Wednesday press release that it has obtained in-principle approval for a Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
This preliminary approval follows closely on the heels of Revolut’s earlier success in June, when it received Stored Value Facilities (SVF) and Retail Payment Services (Category II) licenses from the Central Bank of the UAE (CBUAE). Subject to obtaining final regulatory approvals, the VASP license will enable Revolut to introduce a comprehensive suite of virtual asset services, including broker-dealer, management and investment, and exchange services, accessible through its retail app and its dedicated exchange platform, RevolutX.
Strategic Alignment with UAE’s Digital Vision
Joseph Khair, head of Revolut Digital Assets FZE, UAE, underscored the company’s commitment to the region’s regulatory environment. “The UAE continues to demonstrate global leadership in establishing a robust and transparent framework for virtual assets, and we are proud to align with that vision,” Khair stated in the press release. He added that this approval “lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment, supporting VARA’s goal of fostering a safe, transparent and innovation-driven virtual assets ecosystem.”
The move into crypto services is a crucial component of Revolut’s broader strategy for the UAE. As PYMNTS reported in June, the company has been preparing for a full-scale launch of its global financial platform in the country. Once fully operational, this platform is designed to empower UAE customers to hold and manage multiple currencies, facilitate payments using both physical and virtual cards, and execute local and international money transfers, all through a single, integrated application.
Global Expansion and Profitability
Revolut’s aggressive push into the UAE mirrors its wider international growth ambitions. PYMNTS reported in September that the company has been actively securing licenses across a string of new markets, extending its footprint beyond its traditional bases in the United Kingdom and Europe. This expansion strategy is underpinned by a strong financial foundation, as highlighted by Revolut Co-Founder and CEO Nik Storonsky in the company’s annual report released in March. Storonsky noted, “We have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth.”
The company’s global aspirations are further exemplified by its plans for a launch in South Africa by 2028, where it has already amassed a waitlist of close to 100,000 registrations. The preliminary VASP license in Dubai, coupled with its earlier banking approvals, positions Revolut to become a significant player in the UAE’s rapidly evolving digital financial landscape, offering a comprehensive suite of traditional and virtual asset services to a growing customer base.
