London Fintech Giant Revolut Secures Preliminary Approval for Virtual Asset Services from Dubai's VARA

On July 15, 2026, London-based global fintech giant Revolut obtained In-Principle Approval (IPA) for providing virtual asset services from Dubai's Virtual Assets Regulatory Authority (VARA). This achievement comes just months after Revolut received authorization for payment activities from the Central Bank of the United Arab Emirates (UAE), and is regarded as a crucial step for establishing an integrated financial ecosystem in the Middle East region. Through this, Revolut is prepared to introduce a comprehensive platform combining traditional financial services and digital assets to the UAE market.

Following this VARA approval, Revolut has laid the foundation to conduct virtual asset activities in three major categories within the UAE: Broker-Dealer, Asset Management and Investment, and Exchange services. Revolut explained that this approval aligns with its strategic goal of building a financial ecosystem that complies with local regulations. With its global influence centered in its London headquarters, Revolut is expected to further solidify its position in Dubai, the digital asset hub of the Middle East, through this approval.

"This VARA approval, along with the Central Bank payment license obtained earlier this year, supports our plan to build a locally regulated, integrated financial ecosystem within the UAE."

Revolut's entry into the UAE is interpreted as part of a dual-track regulatory strategy beyond simple service expansion. Following the acquisition of a license for electronic payment and remittance services from the UAE Central Bank earlier this year, the addition of this virtual asset-related approval allows Revolut to possess a diversified financial license portfolio. This approach is intended to provide an environment where local customers can handle all financial activities, from fiat currency payments to virtual asset investments, within a single app.

Scope of Approved Virtual Asset Services and Global Expansion Goals

The in-principle approval obtained this time specifically defines the scope of services Revolut can provide to general users in the future. Revolut, which has a strong user base in the retail banking sector, plans to expand its market share through features that allow users to trade and manage digital assets directly within the app. This is expected to provide a user experience closely integrated with everyday financial services, differentiating it from existing cryptocurrency-only exchanges.

• Broker-dealer services: Activities that intermediate the buying and selling of virtual assets on behalf of users and provide market accessibility
• Management and investment services: Functions that professionally manage customers' virtual asset portfolios and support related investment services
• Exchange services: Infrastructure operations that enable seamless exchange between virtual assets or with fiat currencies within the platform

The achievement in the UAE is closely linked to Revolut's global growth acceleration strategy. Currently boasting 70 million customers worldwide, Revolut is moving toward an ambitious goal of securing 100 million customers across 100 countries. CEO Nik Storonsky stated plans to enter 30 new markets by 2030, with active expansion efforts currently underway in regions such as India, South Africa, and Peru.

Dubai is already establishing a sophisticated regulatory framework as a global hub for the virtual asset industry. VARA has enhanced market transparency and safety by issuing more than 50 virtual asset service provider licenses by June 2026. This market, which Revolut is entering, is becoming a battleground where numerous global companies compete based on regulatory clarity, and Revolut's joining is expected to further increase the maturity of this ecosystem.

Future Challenges for Obtaining the Final Operational License

The in-principle approval obtained by Revolut is a preliminary stage, not a final license, and must pass an additional verification process for the actual service launch. VARA operates a step-by-step model where companies move through a Minimum Viable Product (MVP) stage toward a full operational license. In this process, Revolut must meet the regulator's strict standards across governance structure, financial resilience, and overall operational capabilities.

In particular, cybersecurity and Anti-Money Laundering (AML) controls are among the most important items evaluated by regulatory authorities. Revolut must prove that its technical security level and risk management systems meet global standards during the upcoming detailed review process. The final approval, to be obtained through such a thorough verification process, will be a decisive moment for Revolut to establish itself as a trusted financial partner in the UAE market.