UK-based financial company Revolut has received approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to provide crypto-related services in the United Arab Emirates (UAE).
In Wednesday’s notice, Revolut said that, after receiving the green light from the Central Bank of the UAE for payments activities, VARA gave the company in-principle approval to offer broker-dealer, management and investment and exchange services in the UAE. The company said its services through the app and the Revolut X exchange will 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 Joseph Khair, head of digital assets at the UAE Free Zone Establishment.
Revolut received UAE regulatory approval in March after receiving a UK banking license. The company still has pending applications for a US banking charter and similar licensing in Peru as part of its expansion plans.
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At the time of publication, VARA listed 51 companies licensed to provide crypto-related services in the UAE, with 22 entities given in-principle approval. In May, the regulator granted preliminary approval to Payword, the parent company of cryptocurrency exchange Kraken. The company is expected to launch fully in this region soon.
Revolut to delist USDT next month amid regulatory concerns
Last week, a spokesperson for Revolut 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 obtain a license by July 1.
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