Revolut’s Cryptoasset Register FCA Approved

This week, the UK’s Financial Conduct Authority (FCA) welcomed fintech startup Revolut to its cryptoasset registry, raising the total number of businesses authorized to conduct cryptoasset operations in the nation to 38.

Firms engaged in specific cryptoasset operations in the nation must register with the FCA beginning in January 2020. Some organizations that previously provided such services were permitted to continue operating under the FCA’s Temporary Registration Regime, which was set to expire in March 2022.

The FCA later extended the deadline due to a flood of applications for approval. Until yesterday, the neobank was the only business still on the registry. Over 60 other applications were either refused or removed from the official record.

Revolut debuted in the United Kingdom in 2015 and now boasts more than 20 million clients worldwide, processing 250 million transactions every month.

The statement comes on the heels of a run of regulatory successes for Revolut throughout the world as it strives to expand its crypto services to more users.

It received clearance in August to start crypto services to consumers in Singapore, and a few weeks later, it received approval to do the same inside the EEA. As CoinCu reported, Revolut experienced a social engineering attack that exposed 50,000 personal information last week.

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