Woofun AI reports that Revolut has secured in-principle approval from the Virtual Assets Regulatory Authority (VARA) in Dubai to offer crypto-related services within the United Arab Emirates (UAE). This regulatory milestone follows a green light from the Central Bank of the UAE for payment activities, enabling the firm to expand its digital asset footprint in the region.

The approval, announced on Wednesday, permits Revolut to provide broker-dealer, management and investment, and exchange services through its app and the Revolut X platform. Joseph Khair, head of digital assets for Revolut’s UAE free zone establishment, stated that this move allows UAE-based users to buy, sell, and hold digital assets. This development arrives after Revolut received a UK banking license in March, adding to a growing list of regulated entities; VARA currently lists 51 licensed companies and 22 with in-principle approvals, including Payward, parent of Kraken, which received preliminary approval in May.

Woofun AI data shows that alongside its Middle Eastern expansion, Revolut is navigating complex compliance shifts in Europe. The company plans to delist the Tether USDt (USDT) stablecoin for the European Economic Area and Switzerland starting in August. This decision stems from a review of risk considerations under the European Union’s Markets in Crypto-Assets (MiCA) framework, which mandates licensing for digital asset service providers by July 1.

Strategically, Revolut continues to pursue a US banking charter and licensing in Peru as part of its broader global expansion plans. By securing these regulatory footholds, the firm aims to introduce trusted virtual asset services within a regulated environment. This marks a significant step in its global expansion strategy.