Business In News
- European digital bank Revolut joined 37 other firms on the Financial Conduct Authority’s crypto asset firm register.
- The fintech unicorn previously offered digital asset services in the U.K. under the FCA’s Temporary Registration Regime.
- Revolut also has approval to operate across the European Economic Area thanks to registration with the Cyprus Securities and Exchange Commission.
The U.K. Financial Conduct Authority (FCA) has added fintech giant Revolut to its crypto asset firm register allowing the startup to offer local investors digital asset facilities in compliance with financial regulations.
Revolut was added to the register on Tuesday, September 26, 2022. Previously, the digital banking unicorn operated crypto services under the FCA’s Temporary Registration Regime (TTR).
In 2020, the FCA assumed regulatory oversight for anti-money and counter-terrorism financing. Shortly after, it became mandatory for crypto firms to register with the agency. Notably, the FCA operates a strict licensing policy and less than half of over 100 companies that applied received the green light.
While Revolut complied with the directive, the firm did not receive approval from the FCA by the deadline in March. The agency then placed the digital bank and four other crypto service providers under its TTR, allowing them to operate without a full license.
Revolut’s Foothold In Europe
Tuesday’s developments propelled Revolut to full crypto asset firm status in the U.K. The firm with its 20 million global users and $33 billion market valuation has joined 37 other firms on the register.
Also, Revolut can now legally operate digital asset services on a broader scale across Europe. The digital bank registered successfully with the Cyprus Securities and Exchange Commission (CYSEC) a few weeks back in August.
CYSEC’s approval granted the fintech unicorn approval to operate in the European Economic Area.
Indeed, the developments fit into an emerging pattern of crypto companies seeking to establish a foothold in the U.K. and across Europe. Industry stakeholders like Binance and Coinbase also moved to expand their presence on the continent.