After a lengthy application process, Revolut has received full regulatory approval to carry out crypto trading in the UK. As of Monday, British fintech has been added to the list of companies approved by the Financial Conduct Authority (FCA) to facilitate the trading of crypto assets. On The company provides exposure to approximately 80 crypto assets and serves approximately 20 million global customers.
Prior to that, Revolut used the FCA’s temporary register, a list of 12 businesses that had been granted special permission to trade cryptocurrency while their applications were being evaluated. Revolut, on the other hand, was the only company left on that list for months, as the others either withdrew or finished their applications.
Revolut was one of five companies on the TRR as of early April, along with CEX.I0, Copper Technologies, GlobalBlock, and Moneybrain. The FCA permitted a select number of firms to remain on the TRR where it was “strictly necessary” after the deadline for approval passed at the end of March. None of the other four businesses have since received approval.
The FCA requires enterprises seeking to perform crypto operations to apply anti-money laundering controls to verify that crypto assets are being utilised responsibly and safely. Revolut is one of 37 businesses that have received FCA approval to carry out crypto asset activities in the UK. A spokesperson for the FCA said: To ensure that it has the systems and controls necessary to comply with the money-laundering regulations, Revolut has agreed to a number of directives.
In August, Revolut received regulatory approval for cryptocurrency trading in Cyprus. This provides the London-based company with additional regulatory approval in the European Union, where the landmark Markets in Crypto Assets (MiCA) legislation is being finalized.
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