• Will now pursue full licence
• Could be finished by September
• New phase of industry growth

UK fintech Revolut has secured regulatory approval to offer cryptocurrency services in the UAE, paving the way for it to launch its full suite of products in the country.

Dubai’s Virtual Assets Regulatory Authority (Vara) will grant the neobank “in-principle approval” later on Wednesday, beginning the final stage of the licensing process.

Revolut will now work towards obtaining a full virtual asset service provider (VASP) licence before it can launch its crypto offering. An industry source said the remaining regulatory conditions should be completed before the end of August, although the process could take longer.

“Given…