FCA approves Revolut’s trading licence
03 October 2022 UK
Image: Andrey Popov
The Financial Conduct Authority (FCA) has granted UK fintech Revolut a licence to provide digital asset trading and custodial services in the UK.
Until now, Revolut has remained on the FCA’s temporary register; able to trade, but with their application still under review.
Currently, just 38 firms are authorised by the FCA, despite initially enthusiastic numbers of applications. Many companies’ applications have been rejected while others withdrew due to lengthy wait times and strict guidelines.
A spokesperson for the FCA stated: “We confirm that Revolut has been removed from the temporary register and has received full registration as a cryptoasset firm. As with firms that were on the temporary register, firms that are on the full register are required to comply with the money laundering regulations.
“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.”
Until now, Revolut has remained on the FCA’s temporary register; able to trade, but with their application still under review.
Currently, just 38 firms are authorised by the FCA, despite initially enthusiastic numbers of applications. Many companies’ applications have been rejected while others withdrew due to lengthy wait times and strict guidelines.
A spokesperson for the FCA stated: “We confirm that Revolut has been removed from the temporary register and has received full registration as a cryptoasset firm. As with firms that were on the temporary register, firms that are on the full register are required to comply with the money laundering regulations.
“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.”
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