UK-based financial company Revolut has received approval from the Virtual Assets Regulatory Authority (VARA) of Dubai to offer crypto-related services in the United Arab Emirates (UAE).
In a Wednesday notice, Revolut said that, following a green light from the Central Bank of the UAE for payment activities, VARA gave in-principle approval for the company to offer broker-dealer, management and investment, and exchange services in the UAE. The company said its services via the app and the Revolut X exchange would allow UAE-based users to buy, sell and hold digital assets.
“This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment,” said Revolut’s head of digital assets in the UAE free zone establishment, Joseph Khair.
The UAE regulatory approval followed Revolut receiving a UK banking license in March. The company still has similar applications pending for a US banking charter and licensing in Peru as part of its expansion plans.
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At the time of publication, VARA listed 51 companies licensed to offer crypto-related services in the UAE, with 22 entities granted in-principle approval. In May, the regulator preliminarily approved cryptocurrency exchange Kraken’s parent company, Payward. The company is expected to fully launch in the region soon.
Revolut to delist USDT next month amid regulatory concerns
Last week, a Revolut spokesperson told Cointelegraph that the company planned to delist the Tether USDt (USDT) stablecoin starting in August for the European Economic Area and Switzerland. The move followed a review of Revolut’s crypto services and risk considerations under the European Union’s Markets in Crypto-Assets (MiCA) framework, which required companies offering digital asset services to be licensed by July 1.
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