Revolut, a UK fintech company, has received regulatory license to offer cryptocurrency services in the UAE, opening the way for the launch of its full product suite in the country. The neobank will receive “in-principle approval” from Dubai’s Virtual Assets Regulatory Authority (Vara) later on Wednesday, kicking off the final stage of the licensing procedure.
Revolut will now attempt to secure a full virtual asset service provider (VASP) licence before launching its cryptocurrency product. An industry source stated that the remaining regulatory prerequisites should be finished by the end of August, however the process may take longer.
Given Revolut’s size and sophistication, you’d expect it to meet the remaining conditions in a matter of weeks rather than months,” the insider said to AGBI. “My understanding is the in-principle approval is the regulator saying: ‘Yes, subject to you finishing the homework. A Revolut spokeswoman verified the news, saying, “Getting in-principle approval is a significant step. We are now working closely with Vara to complete the remaining regulatory criteria for our full VASP licensing. While we can’t share a timeline at this stage, we look forward to bringing our regulated crypto offering to eligible customers in the UAE once all necessary approvals have been received.”
The neobank has not applied for a complete banking licence in the UAE, but it does have stored value facilities and retail payment services licences, which allow it to provide payments, cards, and money transfer services.
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