Revolut Secures VARA In-Principle Approval to Offer Crypto Trading in the UAE

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Revolut wins VARA in-principle approval for UAE crypto trading via its app and Revolut X - what the broker-dealer licence covers.

Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer crypto services in the UAE.
The approval covers broker-dealer, exchange, management and investment services for virtual assets.
Eligible customers will eventually access services through Revolut's retail app and its standalone exchange, Revolut X.
The approval follows Revolut's Central Bank of the UAE stored value and retail payment services licences secured in June 2026.
Final regulatory clearance is still required before Revolut can launch crypto services to UAE customers.
The move adds Revolut to a fast-growing roster of global platforms, including Kraken, MultiBank and CoinMENA, securing VARA approval in 2026.

Another VASP Licence Application Advances in Dubai's Crowded Crypto Market

Dubai's Virtual Assets Regulatory Authority (VARA) has granted Revolut in-principle approval to pursue a full Virtual Asset Service Provider (VASP) licence, covering broker-dealer, exchange, management and investment services. The move follows the digital bank's Central Bank of the UAE (CBUAE) stored value and retail payment services licences, secured only weeks earlier in June 2026. It also comes as the UAE Capital Market Authority (CMA) and VARA continue to align their licensing frameworks.

For UAE crypto professionals, the announcement extends a familiar pattern: a globally recognised fintech securing UAE market access in stages, starting with payments and building toward regulated digital asset services. It also confirms how central Dubai has become to international platforms seeking a foothold in Gulf virtual asset markets.

What VARA's In-Principle Approval Actually Covers

VARA confirmed on 15 July 2026 that Revolut had received in-principle approval to provide broker-dealer, exchange, management and investment services for virtual assets in Dubai. The National reported that the approval marks a preparatory stage, not a final licence, and remains subject to further regulatory conditions before Revolut can onboard UAE customers. Aletihad's coverage confirmed the same four service categories, citing VARA's official announcement.

Joseph Khair, head of Revolut Digital Assets FZE in the UAE, said the approval "lays the foundation" for introducing the company's virtual asset services within a regulated environment. VARA, established in March 2022, assesses applicants against governance, ownership, financial resilience, cybersecurity and anti-money laundering standards before granting a full VASP licence.

Crypto Trading via the Revolut App and Revolut X

Once fully licensed, eligible customers will be able to buy, sell and hold digital assets directly through Revolut's retail app, alongside Revolut X, the group's standalone crypto exchange. Revolut serves more than 75 million customers worldwide, including over 16 million who hold cryptocurrency in markets such as the United Kingdom and the European Economic Area.

The dual-channel rollout should mirror that existing structure, giving everyday app users and more active traders on Revolut X separate routes into the same regulated offering.

However, Revolut has been careful to frame the approval as conditional. The company said it is now "building and preparing our local product offering for launch", with work continuing on products, infrastructure, operational capabilities and customer experience. No confirmed launch date has been given for UAE crypto services.

A Rapid UAE Build-Out Inside a Crowded VARA Licensing Field

Revolut's crypto approval arrives only weeks after it secured a stored value facility licence and a Category II retail payment services licence from the CBUAE in June 2026. Taken together, the three approvals suggest a deliberate, staged strategy: build a licensed payments footprint first, then move into regulated digital asset services. Several other global banks and fintechs entering the UAE have followed a similar sequence, with payments permissions typically arriving months ahead of virtual asset approvals.

Revolut is not alone in this pursuit. Crypto exchange Kraken secured its own VARA broker-dealer licence in May 2026, and MultiBank and CoinMENA have both recently gained approvals, as Dubai's VARA licensing framework has already surpassed 85 approvals across the emirate. A framework alignment agreed between VARA and the CMA last year means Dubai-issued crypto licences can extend UAE-wide once compliance requirements are met.

What This Means for UAE Crypto Compliance and Product Teams

For compliance and product teams at UAE-licensed exchanges and brokerages, Revolut's approval signals intensifying competition for the same retail dirham wallets. A platform already serving 16 million crypto customers globally brings meaningful scale and brand recognition into a comparatively young market, raising the bar on onboarding speed, client due diligence and know-your-customer (KYC) controls. Firms benchmarking their own licensed activities against the wider landscape can review the eight CMA-licensed crypto activities and their compliance requirements for a fuller picture.

Advisors and platforms should also treat in-principle approval as a planning signal, not a green light. Until VARA grants final approval, Revolut cannot legally market or onboard UAE retail clients for crypto services, and advisors referring clients elsewhere should confirm a provider's current licensing status before drawing comparisons. With mandatory Crypto-Asset Reporting Framework (CARF) disclosures due from UAE crypto firms from 2027, compliance teams should factor incoming international platforms into their wider anti-money laundering and tax-reporting risk assessments.

What Clients are Asking their Advisors

What does VARA's in-principle approval actually allow Revolut to do right now?

In-principle approval is a preparatory stage, not a live licence. It confirms VARA's initial assessment of Revolut's application, but the company cannot yet onboard UAE customers for crypto trading until it secures final regulatory approval.

How will UAE customers eventually access crypto trading through Revolut?

Once fully licensed, eligible customers will be able to buy, sell and hold digital assets through Revolut's existing retail app, as well as through Revolut X, the group's separate crypto exchange platform.

How does Revolut's approval compare with other exchanges licensed by VARA?

Revolut joins a growing roster of VARA-approved platforms. Kraken secured a broker-dealer licence in May 2026, and MultiBank and CoinMENA have also gained approvals, as Dubai's virtual asset licensing framework passes 85 approvals overall.

Does VARA's approval mean Revolut's crypto services are already regulated in the UAE?

Not yet. Final regulatory approval is still required before Revolut can legally offer crypto services to UAE customers, so users should wait for a confirmed launch rather than assuming current access.