Revolut has received in-principle approval to provide cryptocurrency-related services in the United Arab Emirates.
Cointelegraph reported on Tuesday that Dubai’s Virtual Assets Regulatory Authority (VARA) has granted Revolut in-principle approval to offer broker-dealer, investment management and exchange services.
Revolut said the approval follows authorisation from the UAE central bank for payment activities and provides a basis to expand its local crypto business. It plans to allow UAE users to buy, sell and hold digital assets through its app and the Revolut X exchange.
Joseph Kair (조지프 카이르), head of digital assets at Revolut’s UAE free zone incorporated entity, said the approval lays the groundwork to introduce reliable crypto services in a regulated environment.
Revolut obtained a UK banking licence in March. It is also pursuing a U.S. banking charter and an application for a licence in Peru.
Chi-gyu Hwang
delight@d-today.co.kr