Revolut Scores UAE Crypto Approval as EU Regulators Tighten MiCA Oversight

Revolut, a global financial technology company, has secured in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to expand its crypto services in the UAE. This move supports Revolut's broader digital asset growth strategy and comes as European regulators increased compliance oversight after the Markets in Crypto-Assets (MiCA) transitional period expired on July 1.

According to the approval, Revolut can provide broker-dealer, management and investment, and exchange services under the local regulatory framework. However, the approval remains subject to final regulatory authorization before commercial services begin.

The company plans to provide eligible UAE customers with crypto trading through its retail application after receiving final approval. It also intends to extend those services through its standalone exchange platform, Revolut X.

Revolut has already secured payment activities approval from the Central Bank of the UAE earlier this year and continues building a locally regulated financial ecosystem that combines payments and digital asset services.