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Revolut gets in-principle approval to offer crypto services in Dubai
The UAE approval came after VARA cleared the company to provide broker-dealer, management and investment, and exchange services, following Central Bank of the UAE green light for payment activities.
Cointelegraph reports that Dubai’s Virtual Assets Regulatory Authority granted Revolut in-principle approval to offer crypto-related services in the United Arab Emirates.
VARA approved the London-headquartered fintech to operate broker-dealer, management and investment, and exchange services, with Revolut saying its app and Revolut X exchange would let UAE users buy, sell and hold digital assets.
Revolut said the decision followed a green light from the Central Bank of the UAE for payment activities, and it described the approval as a step toward launching its virtual asset services in a regulated environment.
The approval adds to Revolut’s expansion efforts after it received a UK banking license in March, while it still has similar applications pending for a US banking charter and licensing in Peru, and VARA also lists 51 licensed crypto-service providers and 22 entities with in-principle approval.