DATA & FIGURES
51 companies are currently licensed to offer crypto-related services in the UAE, with 22 entities granted in-principle approval, according to VARA. Revolut plans to delist USDT starting in August for the European Economic Area and Switzerland.
THE SCENARIO
The UAE's regulatory approval of Revolut's crypto services is part of the country's efforts to establish itself as a hub for digital asset innovation, with VARA playing a key role in overseeing the sector. This development also reflects the growing demand for regulated crypto services globally, as companies like Revolut seek to expand their offerings in compliance with local laws and regulations.
DIRECT QUOTE
"This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment." — Joseph Khair, Head of Digital Assets, Revolut UAE free zone establishment
BBN INSIGHT
The approval of Revolut's crypto services in the UAE has both positive and negative implications. On the positive side, it provides users in the region with access to regulated and trusted digital asset services, which can help boost adoption and drive innovation. However, the delisting of USDT in the European Economic Area and Switzerland due to regulatory concerns highlights the risks and challenges associated with the rapidly evolving crypto regulatory landscape. As the sector continues to grow, companies like Revolut must navigate these complexities to ensure compliance and maintain user trust.