Crypto trading app Revolut will now be able to offer crypto products and services in the United Kingdom after getting approval from the country’s financial regulator Financial Conduct Authority (FCA).
The crypto-friendly payment app has been placed under the FCA’s temporary registration regime since the validity of its provisional registration ended in March 2022. Revolut had been the last holdout out of the 12 companies that were granted FCA temporary registration. With the approval, the fintech company joins 37 other companies that can offer crypto-related services in the country.
On 10 January 2020, the FCA had made it mandatory for firms dealing with crypto assets in the UK to comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs) and register with the regulator. Following this directive, several companies, including Revolut, were granted temporary registration status, allowing them to operate while they stay on holdout pending full compliance.
Opens up a window to European market
Following the approval, Revolut, currently valued at $33 billion, was added to the UK watchdog’s crypto-asset firm register on 26 September. The firm, which has about 20 million customers worldwide, offers exposure to about 80 crypto assets. Revolut recently received permission to offer crypto services in Cyprus. And as the digital banking service continues to grow across Europe, the UK is a prize catch for the firm.