Revolut Gets Dubai Green Light, Prepares to Slap Delisting Notice on USDT 🇦🇪

UK-based financial company Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer crypto-related services in the United Arab Emirates. According to a Wednesday notice, Revolut secured the approval after receiving a green light from the Central Bank of the UAE for payment activities. VARA's preliminary approval covers broker-dealer, management and investment, and exchange services across the country.

Under the plan, UAE-based users will be able to buy, sell and hold digital assets through the Revolut app and the Revolut X exchange. Revolut's head of digital assets in the UAE free zone establishment, Joseph Khair, said the approval "lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment."

The UAE approval follows Revolut receiving a UK banking license in March. The company also has pending applications for a US banking charter and licensing in Peru as part of its broader expansion strategy. 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 Payward, the parent company of cryptocurrency exchange Kraken, which is expected to fully launch in the region soon.

Separately, a Revolut spokesperson told Cointelegraph last week that the company plans to delist the Tether USDt ($USDT) stablecoin starting in August for users in the European Economic Area and Switzerland. The decision 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.