Tether USDt

Dubai

UK-based financial company Revolut has received approval from the Virtual Assets Regulatory Authority (VARA) of Dubai to offer crypto-related services in the United Arab Emirates (UAE).
In a Wednesday notice, Revolut <a href="https://www.revolut.com/en-AT/news/revolut_receives_in_principle_approval_to_provide_crypto_services_in_uae/" rel="noopener noreferrer nofollow">said</a> that, <a href="https://cointelegraph.com/news/coinmena-standard-chartered-revolut-uae-crypto-finance" rel="noopener noreferrer nofollow">following a green light</a> from the Central Bank of the UAE for payment activities, VARA gave in-principle approval for the company to offer broker-dealer, management and investment, and exchange services in the UAE. The company said its services via the app and the Revolut X exchange would allow UAE-based users to buy, sell and hold digital assets.
“This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment,” said Revolut’s head of digital assets in the UAE free zone establishment, Joseph Khair.
The UAE regulatory approval followed Revolut <a href="https://cointelegraph.com/news/revolut-obtains-uk-bank-license" rel="noopener noreferrer nofollow">receiving a UK banking license</a> in March. The company still <a href="https://cointelegraph.com/news/revolut-us-banking-license-global-expansion" rel="noopener noreferrer nofollow">has similar applications pending</a> for a US banking charter and licensing in Peru as part of its expansion plans.
Related: <a href="https://cointelegraph.com/news/ecb-36-payment-providers-digital-euro-pilot" rel="noopener noreferrer nofollow">ECB picks 36 payment providers to test digital euro ahead of 2027 pilot</a>
At the time of publication, VARA <a href="https://www.vara.ae/en/licenses-and-register/public-register/" rel="noopener noreferrer nofollow">listed</a> 51 companies licensed to offer crypto-related services in the UAE, with 22 entities granted in-principle approval. In May, the regulator <a href="https://cointelegraph.com/news/kraken-uae-vara-approval-ahead-of-full-region-launch" rel="noopener noreferrer nofollow">preliminarily approved</a> cryptocurrency exchange Kraken’s parent company, Payward. The company is expected to fully launch in the region soon.
<h2 id="revolut-to-delist-usdt-next-month-amid-regulatory-concerns">Revolut to delist USDT next month amid regulatory concerns</h2>
Last week, a Revolut spokesperson <a href="https://cointelegraph.com/news/revolut-usdt-delisting-limited-eea-switzerland" rel="noopener noreferrer nofollow">told Cointelegraph that the company planned</a> to delist the Tether USDt (USDT) stablecoin starting in August for the European Economic Area and Switzerland. The move followed a review of Revolut’s crypto services and risk considerations under the European Union’s Markets in Crypto-Assets (MiCA) framework, which required companies offering digital asset services to be licensed by July 1.
Magazine: <a href="https://cointelegraph.com/features/has-robinhoods-layer-2-given-eth-a-new-bull-case" rel="noopener noreferrer nofollow">Is Robinhood Chain’s success bullish or bearish for ETH the asset?</a>

Revolut receives in-principle approval from UAE authorities for crypto services

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