UK Regulator Approves Revolut To Offer Crypto Services, Will Need To Abide By Anti-Money Laundering Laws

Zinger Key Points
  • Revolut has been approved to provide crypto services in the U.K.
  • The FCA confirms Revolut has been granted a license, and agreed to abide by anti-money laundering laws.
UK Regulator Approves Revolut To Offer Crypto Services, Will Need To Abide By Anti-Money Laundering Laws

After a prolonged wait, cryptocurrency trading app Revolut has received approval from the U.K.'s Financial Conduct Authority (FCA) to provide services in the country.

Valued at $33 billion, the digital banking service was added to the FCA’s register on Monday.

Revolut previously provided crypto buying, selling, and trading in the U.K. under the FCA's temporary registration regime, or TRR, which was established to allow firms to continue operating while their applications were being reviewed.

The company has approximately 20 million customers worldwide and provides exposure to about 80 crypto assets.

The FCA permitted a small number of companies to continue being on the TRR when it was "strictly necessary" after the authorization deadline passed at the end of March.

Along with CEX.I0, Copper Technologies, GlobalBlock, and Moneybrain, Revolut was one of the five companies listed on TRR as of the beginning of April.

None of the other four businesses have since received approval.

FCA confirms registration

"We confirm that Revolut has been removed from the temporary register and has received full registration as a crypto-asset firm," Coindesk quoted an FCA official as saying.

According to the FCA official, Revolut consented to a number of instructions meant to guarantee that it has the systems and controls to fulfill the requirements of the money-laundering laws.

Beginning in 2020, the FCA took over as the United Kingdom's anti-money-laundering and counter-terrorism-financing body.

Following that, companies dealing in crypto-assets have to register in order to be authorized to provide their services in the U.K.

More than 100 businesses applied, and 38, including Revolut, have been accepted.

Revolut registered with the Cyprus Securities and Exchange Commission in August and received approval to offer its services within the European Economic Area.

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