One of the top online trading platforms, Revolut has finally managed to secure a license from the Financial Conduct Authority (FCA) in the United Kingdom for offering digital currency services.
The platform’s application had been in process for a long time and the financial watchdog of Britain finally granted it permission and added it to the list of companies allowed to offer crypto assets.
With a market value of about $33 billion, Revolut is currently offering its services to more than 20 million customers all over the globe.
Its platform currently has about 80 crypto assets available that its customers can access and it plans on expanding its listing in the future.
Previously, Revolut had been operating in the UK and offering digital assets for buying, selling and trading under the Temporary Registration Regime (TRR) of the FCA.
This referred to a trial period during which companies could operate without any interruptions while the regulatory authority took its time to process their applications.
But, in the case of Revolut, the deadline for getting approved had been breached. The company had expected approval to come in March, but it had not happened.
After the deadline had passed, the number of companies that were still on the TRR list was reduced to five and these were those that the FCA considered necessary.
This list did certainly include Revolut, along with Moneybrain, CEX.IO, Copper Technologies, and GlobalBlock.
Revolut is the first of the five to get approved by the FCA and it is unclear if it will grant approval to the remaining four companies or not.
The FCA had also confirmed on Monday, September 26th, that Revolut was no longer on the TRR list because it had been granted full approval as a crypto asset company.
The officials also clarified that Revolut had agreed to some of the proposed changes and directions that had been designed to ensure that the firm could meet the AML (Anti-Money Laundering) regulations of the FCA.
The need to get additional approval from the FCA happened back in 2020 because the authority also became responsible for combating counter-terrorism and AML.
Crypto companies operating in the United Kingdom had been informed that they needed to get permission from the FCA for continuing their operations.
About 100 companies had immediately applied for registration and this also included Revolut. But, inclusive of Revolut, there are only 38 companies that have been given the green light to offer their services.
This is certainly good news for Revolut because it can help it in building a strong reputation. In August, the company also registered itself with the Cyprus Securities and Exchange Commission (CySEC).
This registration means that Revolut can now offer its services in the European Economic Area (EEA). Thus, the UK had been the final market in Europe that the company needed to conquer.
It has managed to achieve this goal as well, thanks to the approval granted by the FCA on Monday.