Revolut Wins UAE Crypto Approval as EU Tightens MiCA Compliance Rules

TLDR

• Revolut secures UAE VARA approval for regulated crypto services expansion.

• UAE approval supports Revolut’s broader digital asset growth strategy.

• EU regulators tighten MiCA oversight after transition period expires.

• AMLA warns crypto firms to maintain AML controls during customer shifts.

• ESMA reviews licensed crypto custodians under new MiCA supervision.

Revolut secured in-principle approval from Dubai’s Virtual Assets Regulatory Authority to expand its crypto services in the UAE. Meanwhile, European regulators increased compliance oversight after the MiCA transitional period ended across the European Union. The latest developments place Revolut at the center of two major regulatory trends shaping global digital asset markets.

Revolut expands regulated crypto services in the UAE

Dubai’s Virtual Assets Regulatory Authority granted Revolut in-principle approval for several virtual asset activities in the UAE. The approval covers broker-dealer, management and investment, and exchange services under the local regulatory framework. Revolut moved another step toward expanding its regulated digital asset operations in the region.

The approval remains subject to final regulatory authorization before commercial services begin. After receiving final approval, Revolut plans to provide eligible UAE customers with crypto trading through its retail application. The company intends to extend those services through its standalone exchange platform, Revolut X.

The latest authorization follows another regulatory milestone achieved earlier this year. The Central Bank of the UAE approved Revolut to conduct payment activities within the country. The company continues building a locally regulated financial ecosystem that combines payments and digital asset services.

UAE strategy strengthens Revolut’s global digital asset expansion

The UAE continues attracting global financial technology companies through dedicated digital asset regulations and licensing frameworks. Revolut selected the market as an important part of its international expansion strategy. The company already serves more than 75 million customers worldwide across multiple financial products.

Revolut reports more than 16 million crypto customers across its international markets. The company currently offers digital asset trading services in the United Kingdom and the European Economic Area. The planned UAE launch would expand that regulated offering into another major international financial hub.

Dubai has strengthened its position by creating dedicated rules for virtual asset businesses through VARA. Several international crypto companies have expanded operations under the authority’s licensing framework. Revolut now joins the growing group seeking regulated growth within the UAE’s digital asset market.

European regulators increase MiCA compliance oversight

European regulators increased supervisory efforts after the Markets in Crypto-Assets transitional period expired on July 1. Crypto-asset service providers now require authorization to continue serving customers across the European Union. Regulators expect customer migration from unauthorized firms toward licensed providers.

The Authority for Anti-Money Laundering and Countering the Financing of Terrorism warned about compliance risks during this transition. The authority expects firms leaving the market to process increased customer withdrawals before ending services. Licensed providers must maintain effective anti-money laundering controls while onboarding new customers.

The authority plans to publish a report examining money laundering risks across the crypto sector before year-end. The report will compare supervisory practices used by national regulators throughout member states. The authority continues expanding blockchain analytics capabilities to strengthen oversight of crypto businesses.

The European Securities and Markets Authority also increased supervisory activity after the MiCA transition ended. On July 11, the regulator launched a coordinated review covering selected MiCA-authorized crypto custodians. The exercise examines operational resilience, transaction controls, private key management, incident response, and third-party technology arrangements across licensed firms.