Revolut has just surpassed its first major regulatory milestone in the United Arab Emirates (UAE). Dubai’s Virtual Assets Regulatory Authority (VARA) has granted it in-principle approval for its Virtual Assets Service Provider (VASP) license. With this advancement, the company sets the stage to formally offer digital asset trading services in the Arab world’s second-largest economy.
This strategic move is vital for Revolut’s consolidation in the Middle East, adding to the retail payment licenses recently obtained in the country. Once VARA’s definitive green light is finalized, eligible local users will be able to buy, sell, and trade tokens through the main application and its specialized platform, Revolut X. This represents an important institutional alternative in a region that is moving firmly toward regulatory clarity.
What follows for the financial giant is complying with the strict final controls regarding governance, security, and anti-money laundering prevention required by VARA. By consolidating this regulated ecosystem, Revolut will not only expand its global reach but will also mitigate the recent regulatory headwinds experienced in European markets under the MiCA law.
Source: https://goo.su/5Fp7z
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