United Kingdom: Revolut gets FCA approval, details inside
Crypto-friendly payments app Revolut is the latest to be approved by the Financial Conduct Authority (FCA), the United Kingdom’s regulatory body, making it the latest crypto app to be able to offer crypto products and services in the country.
The update means that Revolut was found to be compliant with regulations regarding money laundering, terrorist financing, and transfer of funds as per the 2017 amendments.
Revolut has over 20 million users across more than 200 countries and regions. The payments app is currently valued at $33 billion.
In August this year, Revolut had beenauthorized by the Cyprus Securities and Exchange Commission to offer crypto-related services to its 17 million customers based in the European economic area.
In the UK, service providers first need to obtain a temporary registration in order to provide crypto-related services and then wait for complete regulatory approval.
So far, the FCA has granted permission to 37 fintech companies to provide crypto-related services in the UK. No other firms remain right now that are awaiting complete approval from the FCA.
Early this month, the UK Economic Secretary to the Treasury Richard Fullerstated the newly elected government’s objective to make “the country of choice for those looking to create, innovate and build in the crypto space.” He was participating in a parliamentary debate when he made these remarks.
Fuller added that with the new PM, the United Kingdom would become the “dominant global hub for crypto technologies.” Liz Truss assumed the office of the Prime Minister of the UK in September only.
At the same time, the local authorities are enacting increasingly stronger rules and regulations to combat money laundering and fraud through cryptocurrency.
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