Revolut, a London-based digital banking startup, has finally won a long-awaited registration from the UK’s Financial Conduct Authority (FCA) to offer crypto services in the UK.

Revolut becomes the last accredited registry of cryptoactive companies, bringing to 38 the list of companies approved to carry out cryptoactive activities in the country.

An FCA spokesperson discussed the development: “We confirm that Revolut has been temporarily deregistered and has received full registration as a crypto asset company. Revolut has agreed to a series of instructions designed to ensure that it has the systems and controls in place to comply with the requirements of the regulations on money laundering”.

The FCA became the UK’s anti-money laundering and terrorist financing authority in early 2020. As a result, the regulator required companies conducting certain crypto-asset activities across the country to register. And so, more than 100 companies, including Revolut, applied for registration.

Although the registration deadline was in March this year, the FCA allowed a select number of companies to remain under the watchdog’s Temporary Registration Regime (TRR), which was introduced to allow companies to continue operating while being reviewed. your requests.

As of early April, Revolut was one of five companies in the Temporary Registration Regime, along with CEX.I0, Copper Technologies, GlobalBlock and Moneybrain. This meant that more than 60 applications were denied registration or removed from the official register.

Efforts to drive growth around the world

This week, Revolut has finally received its approval, while the fate of the other four firms is still unknown. The latest move follows a series of additional regulatory achievements for Revolut around the world as part of its efforts to launch its services to more customers.

On August 15, Revolut received authorization from the Cyprus Securities and Exchange Commission (CYSEC), allowing it to offer crypto services throughout the European Economic Area (EEA). The EEA includes the 27 nations of the European Union, including Iceland, Liechtenstein, and Norway. Thus, the UK registration license cemented the winning regulatory approval for the company’s crypto services in Europe.

Early last month, Revolut obtained regulatory approval to operate in Singapore. On August 4, the firm launched its crypto services in Singapore.

With UK FCA approval, Revolut is now fully licensed to provide crypto services in the UK. The clearance has also bolstered hopes that the company will obtain a UK banking license allowing it to offer its own banking products in its home country.

Revolut, which applied for a UK banking license in January 2021, sees obtaining a UK banking license as a key step in its plan to become a global super app. The company has applied for 48 banking licenses around the world, but has received 44 so far, and still expects to receive some elsewhere, including in the UK.

Revolut’s UK banking license may be delayed after the Financial Reporting Council (FRC) discovered flaws in its audit by UK audit firm BDO.

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