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Revolut is now awaiting clearance from the FCA for permanent licensing after receiving provisional licenses from the FCA to keep operating in the United Kingdom. More than a hundred businesses had applied for interim permission to operate while the FCA examined their applications. Bloomberg says that only 12 companies survived.
The FCA has cleared 33 companies for permanent licensing in the United Kingdom, meaning they will be able to continue operating after the March 31st deadline. Because of the regulator’s strong attitude toward crypto businesses, numerous significant players have decided to leave the nation due to regulatory uncertainties.
The MAS Has Granted Revolut a Cryptocurrency Services License
Twelve cryptocurrency asset firms, like Revolut and Copper Technologies, for whom the FCA granted interim licenses, have cautioned that they may cease operations in the United Kingdom to expand globally.
Copper Technologies has already begun extending its business in Switzerland. There is an increasing need for cryptocurrency services in the UK, citing increased interest from institutions such as financial institutions. The FCA just granted temporary licenses to cryptocurrency businesses, like Copper Technologies, to operate in the United Kingdom.
However, given the FCA’s most hostile position against cryptocurrency, they will have difficulty convincing the agency to issue them a permanent license. The cryptocurrency custody firm recently engaged 5 BoA cryptocurrency brokerage executives to manage the new Swiss team.
Revolut has been granted an IPA, allowing it to offer DPT services under the MPI authorization. Clients in Singapore can now use the Revolut application to purchase, trade, and keep cryptocurrency. Revolut will now permit its merchant partners to accept cryptocurrencies as payment.
In addition to Revolut, Luno, a worldwide cryptocurrency startup, has gained IPA from the MAS. In more than 40 countries, the corporation offers services and tools for buying, storing, and trading cryptos such as altcoins and BTC. Sherry Goh stated that we intend to instill greater faith and credibility in the industry with this in-principle authority so that clients can keep trusting and using our service securely and safely.
According to MAS managing director Ravi Menon, only the largest cryptocurrency service providers have been granted a license to operate in Singapore. Indeed, the ability to control risks like money laundering, financial crime, technological concerns, and retail chain access are important considerations in the selection process.
Revolut Is Considering a Huge Growth
Revolut aims to grow into the mortgage market and decentralized crypto wallets, notwithstanding the FCA’s skepticism. Furthermore, the firm continues to pursue its goal of becoming a “superapp” in the cryptocurrency industry. Revolut is quickly increasing worldwide, with the most recent agreement in the United States with Cross River Bank to provide consumer borrowing, like credit and personal loans, to users.
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