Digital Bank Revolut gets approval to offer crypto services in UK
Digital bank Revolut, fintech unicorn based in London, has been granted permission to provide cryptocurrency services in the UK after passing the FCA's (Financial Conduct Authority) requirements for anti-money laundering.
The $33 billion valued digital bank Revoult was added to the crypto asset firm register of the UK financial watchdog on September 26.
Revolut had been attempting to get listed on the FCA's register since January 2021. The company has been operating as an authorised electronic money institution since May 2018.
The firm had previously offered cryptocurrency buying, selling, and trading to UK customers under the FCA's Temporary Registration Regime (TRR), which was designed to allow businesses to continue operating while their applications were being reviewed.
When the approval deadline passed at the end of March this year, the FCA allowed a limited number of companies to remain on the TRR. Revolut was one of five companies listed on TRR, alongside CEX.I0, Copper Technologies, GlobalBlock, and Moneybrain. None of the other four firms were later approved.
With the addition of the Revolut bank to the UK’s crypto asset firm register, there are now 38 companies authorised to provide custodial and exchange services for crypto assets.
Other firms to win FCA crypto regulation
The FCA was designated as the UK's anti-money laundering and counter-terrorism financing authority at the beginning of 2020. Since then, any firm wishing to engage in crypto activity in the UK has been required to register with the organisation under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017.
Gemini, Kraken, eToro, and Archax are among the other firms that have met the FCA's anti-money laundering and counter-terrorist financing (AML/CFT) standards.
Crypto exchange, crypto.com was the most recent addition, joining the list in August.
Currently, 38 of 248 crypto firms seeking registration have met the FCA's standards and have been granted permission to operate in the UK.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.