FCA grants Revolut license to offer crypto services in Britain

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FCA grants Revolut license to offer crypto services in Britain

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 FCA grants Revolut license to offer crypto services in Britain
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Highlights

  • Crypto payment app provider Revolut, on 26 September, received FCA registration to offer services to its users.
  • Earlier, it was operating under a temporary license in the country.
  • Following the license, Revolut joins the likes of eToro, Ziglu, Crypto.com and 34 others, offering crypto licenses in Britain.

One of Britain’s leading crypto service providers, Revolut, has finally managed to get the green signal from the financial body, the Financial Conduct Authority (FCA), to offer services to its citizens. The FCA on 26 September added a cryptocurrency payment app to its registered list after it complied with the revised money laundering, terrorist financing and money transfers rules.

Following the license, Revolut joins the likes of eToro, Ziglu, Crypto.com and 34 others, offering crypto licenses in Britain. Earlier this year, the UK regulatory body had set a deadline of 31 March for the crypto firms to register with the body to operate in the country. That date was further extended, and they were given temporary registration, allowing them to operate.

Major relief for Revolut

It’s a big moment for the crypto payment app firm as it had been operating for a limited amount due to its temporary license. But now, with the full license, it can offer its users a wider set of products and services.

Revolut has been in the news of late, following its regulatory approval for crypto trading in Cyprus in August. Besides, the London-based firm received approval from the European Union as well.

With Revolut’s license, as of 28 September, all no UK crypto firms are operating under a temporary license. Revolut was the last firm out of 12 companies that were granted temporary registration in March.

Major shakeup in the crypto domain

Recently, in a landmark decision, the UK government took a firm stance against cryptocurrencies by introducing the Economic Crime and Corporate Transparency Bill. This bill gives power to the authorities to seize and recover crypto assets.

If the bill passes, it is also expected to reduce red tape, allowing the authorities to take swifter action against the illicit players. Besides, it would enable the authorities to keep pace with emerging technologies.

Conclusion

Revolut’s FCA license is not just good news for its users but also the firm. Though the firm has been making a significant mark at European and global levels, it struggled to get the FCA nod in the UK. So, the UK, in a way, was somewhat of a final frontier; after this, it could expand its services in the country. 

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