Revolut given full regulatory approval to offer crypto services in UK

Revolut crypto uk Image credit: nataliajakubcova via Shutterstock

Revolut has been granted full regulatory approval to conduct crypto trading activities in the UK after a lengthy application process.

The British fintech has been added to the Financial Conduct Authority’s (FCA’s) register of firms approved to facilitate the trading of cryptoassets as of Monday.

Prior to then, Revolut conducted crypto activities through the FCA’s temporary register, a list of originally 12 firms that were given special permission to trade crypto while their applications were being reviewed.

For months, however, Revolut was the only remaining firm on that list, with the others either withdrawing or completing their applications.

A spokesperson from Revolut confirmed to UKTN that the company has been granted UK crypto authorisation, saying: “We are delighted to have received full registration as a crypto asset firm.”

The FCA requires companies wishing to conduct crypto activities to implement anti-money laundering protections to ensure that cryptoassets are being used legally and safely.

Revolut joins 37 other companies that have met the required threshold to given FCA appproval to conduct cryptoasset activities in the UK.

An FCA spokesperson said: “Revolut has agreed to a number of directions designed to ensure it has the systems and controls to meet the requirements of the money-laundering regulations.”

Revolut was granted regulatory approval for crypto trading in Cyprus in August, granting the London-based firm further regulatory approval in the European Union as the bloc finalises its landmark Markets in Crypto Assets (MiCA) legislation.