Revolut Receives In-Principle Approval from UAE Authorities for Crypto Services | Crypto ETF News
Crypto ETF news: Revolut Receives In-Principle Approval from UAE Authorities for Crypto Services. This update explains what changed, why it matters for institutional adoption, market flows, and investor sentiment, and what the crypto market should watch next.
Institutional And ETF Update
UK-based financial company Revolut has received approval from the Virtual Assets Regulatory Authority (VARA) of Dubai to offer crypto-related services in the United Arab Emirates (UAE).In a Wednesday notice, Revolut said that, following a green light from the Central Bank of the UAE for payment activities, VARA gave in-principle approval for the company to offer broker-dealer, management and investment, and exchange services in the UAE. The company said its services via the app and the Revolut X exchange would 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 Revolut’s head of digital assets in the UAE free zone establishment, Joseph Khair.The UAE regulatory approval followed Revolut receiving a UK banking license in March. The company still has similar applications pending for a US banking charter and licensing in Peru as part of its expansion plans.Related: ECB picks 36 payment providers to test digital euro ahead of 2027 pilotAt the time of publication, VARA listed 51 companies licensed to offer crypto-related services in the UAE, with 22 entities granted in-principle approval. In May, the regulator preliminarily approved cryptocurrency exchange Kraken’s parent company, Payward. The company is expected to fully launch in the region soon.Revolut to delist USDT next month amid regulatory concernsLast week, a Revolut spokesperson 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 be licensed by July 1.Magazine: Is Robinhood Chain’s success bullish or bearish for ETH the asset?Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Why This ETF News Matters
First, this development may affect institutional demand, exchange flows, market liquidity, and broader investor confidence. In addition, it may influence custody trends, fund positioning, and future crypto product approvals. As a result, traders and investors should watch the next moves closely.
What To Watch Next
Watch for filing updates, approval decisions, inflow and outflow data, custody changes, and asset manager commentary. In particular, any new developments involving BlackRock, Grayscale, Fidelity, or major spot ETF products could directly affect the broader crypto market.
