Revolut to Provide Crypto Services in The UK

Revolut to Provide Crypto Services in The UK
  • Revolut was added to the UK financial regulator’s crypto asset business registry.
  • FCA was designated as the United Kingdom’s anti-money laundering and counter-terrorism financing body. 
  • Crypto asset enterprises were forced to register in order to be approved to offer their services in the UK.

Following a protracted wait, European fintech startup Revolut has finally received registration from the United Kingdom’s Financial Conduct Authority (FCA) to offer crypto services in the United Kingdom. 

On September 26, the digital banking service, which is valued at $33 billion, was added to the UK financial regulator’s crypto asset business registry.

European digital bank Revolut had been granted authorization by the Cyprus Securities and Exchange Commission (CYSEC) allowing it to offer crypto services across the European Economic Area (EEA) earlier in mid-August.

The EEA includes the 27 countries that are in the European Union, plus Iceland, Liechtenstein, and Norway.

“We confirm that Revolut has been removed from the temporary register and has received full registration as a crypto asset firm,” an FCA spokesperson said. “Revolut has agreed to a number of directions designed to ensure it has the systems and controls to meet the requirements of the money laundering regulations.”

At the beginning of 2020, the FCA was designated as the United Kingdom’s anti-money laundering and counter-terrorism financing body. 

Following that, crypto asset enterprises were forced to register in order to be approved to offer their services in the UK. More than 100 companies applied, with 38 (including Revolut) being accepted.

Meanwhile, as reported in early August, Revolut planned to boost its crypto workforce by 20% over the next six months, with workers in Europe, the United Kingdom, and the United States, posting job adverts for 13 crypto-related posts.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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