UAE regulators grant preliminary crypto license approval to Revolut
The fintech giant based in London has secured authorization from Dubai's Virtual Assets Regulatory Authority to provide broker-dealer operations, asset management, investment services, and exchange capabilities within the United Arab Emirates.
The London-based fintech giant Revolut has secured preliminary authorization from Dubai's Virtual Assets Regulatory Authority (VARA) to provide cryptocurrency services across the United Arab Emirates (UAE).
According to a statement released on Wednesday, Revolut announced that after obtaining clearance from the UAE's Central Bank for payment-related operations, VARA has granted the firm in-principle authorization to deliver broker-dealer capabilities, investment and management solutions, and exchange functionalities throughout the UAE. The fintech company indicated that its service offerings through its mobile application and the Revolut X trading platform will enable customers based in the UAE to purchase, sell, and store various digital assets.
This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment.
Joseph Khair, Revolut's head of digital assets in the UAE free zone establishment
The regulatory clearance from UAE authorities comes after Revolut secured a banking license in the United Kingdom during March. The financial services provider continues to have pending applications for a banking charter in the United States and regulatory licensing in Peru as components of its global expansion strategy.
As of the time of writing, VARA's official registry included 51 businesses authorized to provide cryptocurrency services within the UAE, while an additional 22 entities have been granted preliminary approval status. During May, the regulatory body granted preliminary authorization to Payward, which operates as the parent entity of cryptocurrency exchange platform Kraken. The organization is anticipated to commence full operations in the region in the near future.
Revolut to delist USDT next month amid regulatory concerns
During the previous week, a representative from Revolut confirmed to Cointelegraph that the organization intends to remove the Tether USDt (USDT) stablecoin from its platform beginning in August for customers in the European Economic Area and Switzerland. This decision came after conducting an assessment of Revolut's cryptocurrency service portfolio and evaluating risk factors in accordance with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework, which mandated that firms providing digital asset services obtain proper licensing by July 1.