Revolut is preparing to roll out cryptocurrency services in the UAE after receiving permission from the country’s regulator.

The UK-based neobank announced on Wednesday that it has received in-principle approval from the Virtual Assets Regulatory Authority (VARA) in Dubai to offer cryptocurrency services in UAE, including broker-dealer, management and investment, and exchange services. The offering is subject to final regulatory approvals.

Revolut now intends to begin offering these services through both its banking app and its standalone exchange, Revolut X, enabling eligible customers to buy, sell, and hold digital assets through a regulated framework.

The bank described the approval as a major milestone in its expansion strategy that underscores its commitment to working within progressive, transparent regulatory frameworks. In June, it received approval from the Central Bank of the UAE for its payments activities, which it said at the time set the stage for a full-scale launch of its product offering in the country.

Joseph Khair, head of Revolut digital assets FZE, UAE said: “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. 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.”

This expansion is one of several that the bank has made this year, acquiring banking licenses in Peru and Mexico as it looks to expand its presence outside Europe, as well as finally becoming a legal bank in its home market of the UK.

---