Revolut obtains permanent status from FCA

The UK’s regulator has granted Revolut permanent status after two years as a temporary operator.

The Financial Conduct Authority (FCA) has registered Revolut as an entity able to offer crypto services in the UK.

The digital banking service has a market value of $33bn and was cleared for rollout by the regulator earlier this week.

Revolut is a familiar name, which has 20 million customers worldwide and presently offers 80 cryptocurrency assets.

This comes after another milestone a month ago when Revolut was approved to operate across the European Economic Area by the Cyprus Securities and Exchange Commission.

Revolut was previously approved under a temporary registration regime (TRR) as specified by the FCA.

However, the latest approval reaffirms the company’s position in the country and its product services and products.

An FCA spokesperson said: “We confirm that Revolut has been removed from the temporary register and has received full registration as a crypto-asset firm.”

The FCA is part of a big reorganization in the way cryptocurrency assets are regulated in the UK. The body was promoted as the official country anti-money-laundering and counter-terrorism-financing authority in 2020 and it coincided with a demand from authorities to see crypto companies register under a new regime. Out of the 100 that applied, only 38 were granted a license at the time.

Now, many of them have been trying to secure a more permanent position in the market, including Revolut which has succeeded.

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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