Revolut Receives FCA Registration To Provide Crypto Services In The U.K.

Revolut, a European fintech startup, has officially received approval from the Financial Conduct Authority (FCA) of the United Kingdom to offer cryptocurrency services in the country after a protracted application process. The U.K. financial watchdog's crypto asset business registration received $33 billion worth of the digital banking service on September 26. Revolut formerly provided cryptocurrency buying, selling, and trading services in the U.K. under the FCA's Temporary Registration Regime (TRR), established to let businesses continue operating while their applications were being considered.

FCA Permitted Companies to Continue on TRR

The FCA permitted a limited number of companies to continue to be on the TRR when it was strictly essential after the permission deadline had passed at the end of March this year. Along with CEX.I0, Copper Technologies, GlobalBlock, and Moneybrain, Revolut was one of the five companies listed on TRR at the beginning of April. The four other businesses have not since received approval. FCA's representative told news organizations that Revolut has been fully registered as a crypto asset business and withdrawn from the interim register. He further stated,

"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."

U.K.'s Anti-Money Laundering Funding Body

At the beginning of 2020, the FCA was designated as the United Kingdom's anti-money laundering and counter-terrorism funding body. Following that, crypto assets companies had to register to get permission to offer their services in the U.K. More than 100 businesses applied, and 38 of them, including Revolut, were accepted. Additionally, Revolut has obtained permission to provide its services within the European Economic Area (EEA) by registering with the Cyprus Securities and Exchange Commission (CYSEC). As a result, obtaining regulatory permission for its cryptocurrency services in Europe seemed to be at a dead end in the U.K.