Dubai’s Virtual Assets Regulatory Authority approved the London-headquartered fintech company for broker-dealer, management and investment, and exchange services in the UAE.
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.
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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