Revolut is making significant strides in the United Arab Emirates (UAE) by obtaining in-principle approval for a Virtual Assets Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai. This license will allow the fintech company to offer a range of crypto services, including broker-dealer, management and investment, and exchange services, through its retail app and dedicated exchange platform, RevolutX. The approval comes on the heels of Revolut's recent acquisition of licenses from the Central Bank of the UAE, which positions the company for a comprehensive launch of its global financial services in the region.
Joseph Khair, head of Revolut Digital Assets FZE in the UAE, emphasized the company's alignment with the UAE's vision for a robust virtual assets framework, highlighting the importance of a regulated environment for fostering innovation and transparency in the sector. With the approval, Revolut aims to enhance its service offerings, enabling customers to manage multiple currencies and conduct transactions seamlessly through a single app.
This move is part of Revolut's broader strategy to expand its footprint beyond Europe and the UK, with plans for launches in various international markets, including South Africa by 2028. The company's recent annual report indicated a commitment to building a diversified and resilient business model, which is crucial for sustaining growth in competitive markets. As Revolut prepares for its full-scale launch in the UAE, it is poised to tap into the growing demand for digital financial services in the region, particularly in the burgeoning crypto space.
Joseph Khair, head of Revolut Digital Assets FZE in the UAE, emphasized the company's alignment with the UAE's vision for a robust virtual assets framework, highlighting the importance of a regulated environment for fostering innovation and transparency in the sector. With the approval, Revolut aims to enhance its service offerings, enabling customers to manage multiple currencies and conduct transactions seamlessly through a single app.
This move is part of Revolut's broader strategy to expand its footprint beyond Europe and the UK, with plans for launches in various international markets, including South Africa by 2028. The company's recent annual report indicated a commitment to building a diversified and resilient business model, which is crucial for sustaining growth in competitive markets. As Revolut prepares for its full-scale launch in the UAE, it is poised to tap into the growing demand for digital financial services in the region, particularly in the burgeoning crypto space.
Source: PYMNTS
