Revolut has taken another step toward introducing its global financial platform to the UAE, with digital assets now added to the range of services it expects to offer.
The UK-based digital bank has obtained in-principle approval for a Virtual Assets Service Provider (VASP) licence from the Virtual Assets Regulatory Authority in Dubai, UAE.
Subject to full regulatory approval, a VASP licence will allow Revolut to offer digital asset services to the public, with the company stating that it will mainly focus on broker dealer, management and investment, and exchange services.
These services will allow people to buy, store and sell crypto via Revolut X, its retail app and standalone exchange.
“This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment, supporting VARA’s goal of fostering a safe, transparent, and innovation-driven virtual assets ecosystem,” said Joseph Khair, Head of Revolut Digital Assets FZE, UAE.
Crypto has become a key part of the digital bank’s services in the UK. Customers can link their crypto balances to their Revolut cards to spend digital assets at merchants and earn cashback rewards.
According to a company press release, published on 15 July, Revolut is looking to become the go-to financial app for the Web3 community worldwide and it believes the UAE will play a significant role in achieving this goal.
The UAE licences Revolut holds
Revolut has embarked on a regulatory journey in the UAE over the past few months in hopes of achieving its goal of launching the same platform available in the UK and Europe in the Middle East.
Revolut’s app has a myriad of services, including payments, international transfers, multi-currency accounts, crypto trading, stock trading and everyday financial tools.
SVF gives firms the ability to issue stored value products such as digital wallets where customers transfer funds to the company in exchange for stored value to be used for future purchases. It also covers storing and issuing payment tokens and virtual assets under the expanded CBUAE framework.
This is essential for Revolut’s global app because SVF approval allows the company to recreate its core wallet infrastructure in the UAE. Without it, Revolut would not be able to offer card-linked spending or the ability to hold and convert funds inside the app.
The RPS licence covers most payment services, permitting the company to provide payment accounts, execute payment transactions and issue payment instruments.
Revolut can also process local and international money transfers and remittances with this licence, which has become a key part of its offering in other markets where expat communities and tourists rely heavily on low-cost cross-border payments.
Last week, the bank shared on LinkedIn that it was looking for a Regulatory Affairs Manager in the UAE. As part of the requirements, the company is looking for a candidate with over seven years of experience in regulatory affairs, where they’ve worked closely with UAE regulators.
How quickly can the bank rise to the top?
Revolut has moved far past its origins as a travel money card in 2015, becoming a financial powerhouse with over $6bn in annual revenue. The digital bank currently serves over 75 million customers worldwide and has surpassed traditional institutions such as Barclays.
While it has garnered a reputation for competing against established banks, the UAE will not be an easy market to rise straight to the top in. There are already several neobanks such as YAP, Wio Bank and OG Pay. These platforms offer digital accounts, local payments, budgeting tools and simplified onboarding for residents who want quick access to basic banking without visiting a branch.
Revolut’s main competitor will be Liv by Emirates NBD. Liv is one of the most established digital banks in the UAE with a large customer base built through Emirates NBD’s existing network.
The bank also offers instant accounts, lifestyle rewards and seamless integration with local payment rails, making it the closest rival to what Revolut aims to launch.
Revolut will be hoping that its range of services and its reputation with the large expat community in the region will help it gain early traction.
There will also likely be more banks entering the market in the coming months because regulatory clarity around digital assets and payments has encouraged both local and international fintechs to explore licences in the UAE.
For instance, Bybit became the first crypto exchange to obtain a full UAE virtual asset license in October 2025. The company received in-principle approval in February 2025, an indication of how long it may take Revolut to pass the required assessments needed for a full licence.
