UK's FCA approves Revolut for cryptoasset register

Quick Take

  • The UK’s FCA added fintech unicorn Revolut to its cryptoasset firm register on Tuesday.
  • The company was previously operating under the FCA’s Temporary Registration Regime.

The UK’s Financial Conduct Authority (FCA) added fintech unicorn Revolut to its cryptoasset register this week, bringing the list of companies permitted to carry out cryptoasset activities in the country to 38. 

From January 2020, firms carrying out certain cryptoasset activities in the country have been required to register with the FCA. Some companies already offering such services were able to continue under the FCA’s Temporary Registration Regime, the deadline for which was meant to expire in March 2022.

Amid a glut of applications for approval, the FCA later extended the deadline. The neobank was the last remaining firm on the register until yesterday. Over 60 other applications were denied or had withdrawn from the official register.

The announcement follows a string of other regulatory victories for Revolut around the world as it seeks to roll out crypto services to more customers. In August, it gained approval to launch crypto services to users in Singapore, and a couple of weeks later was granted authorization to do the same within the EEA.

Revolut launched in the UK in 2015 and today claims more than 20 million customers across the world making 250 million transactions a month.

Crypto trading on Revolut remains something of a closed system: most tokens cannot be transferred off of the app and cryptocurrencies cannot be added from other wallets, although this is something the company plans on addressing in the future.

It is also seeking a banking license in the UK. However, earlier this month the Financial Times reported that UK financial regulators had found flaws in its auditing process

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