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 been authorized by the Cyprus Securities and Exchange Commission to offer crypto-related services to its 17 million customers based in the European economic area.

UK is following a cautious path to becoming a crypto hub

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 Fuller stated 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.

Last week, the UK government introduced a bill that expands the power of the authorities to target the use of cryptocurrencies for illegal goals.

Titled the Economic Crime and Corporate Transparency Bill, it will make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets.

Amidst such circumstances, the regulatory process for firms offering crypto-related services is challenging but the crypto industry is slowly coming to terms with this reality.