The United Kingdom’s Financial Conduct Authority, or FCA, has added cryptocurrency-friendly payments app Revolut to its list of companies authorized to offer crypto products and services in the country.

In a Monday update to its list of registered crypto asset firms in the U.K., the FCA showed Revolut was in compliance with amended regulations from 2017 on “Money Laundering, Terrorist Financing and Transfer of Funds.” The fintech firm joined 37 other companies with the green light to offer crypto services in the country after being granted an extension to operate as a crypto asset firm with temporary registration in March.

Firms offering crypto-related products and services in the U.K. are permitted to operate following registration with the FCA, a rule in force since 2020. However, following a crackdown in the country on Anti-Money Laundering, or AML, and Combatting the Financing of Terrorism, or CFT, requirements, many companies, including Revolut, were granted temporary registration status, allowing them to operate while seemingly waiting for full compliance.

At the time of publication, there were no crypto asset firms still operating under the FCA’s temporary status. Revolut had been the last “holdout” out of the 12 companies originally granted temporary registration in March.

A Sept. 5 report from the Financial Times suggested the U.K. Financial Reporting Council found flaws in an audit of Revolut, which included an “unacceptably high” risk of “material misstatement.” As of July 31, Revolut was valued as a $33-billion fintech firm following an $800-million investment round.

Related: FCA highlights limited role as unregistered businesses continue to operate

There has been a major shakeup in the U.K. politically following Prime Minister Liz Truss replacing Boris Johnson and the subsequent death of Queen Elizabeth II. The government announced on Sept. 22 that lawmakers had introduced the Economic Crime and Corporate Transparency Bill — legislation aimed at empowering the country’s National Crime Agency to “seize, freeze and recover” crypto assets. However, Truss’ Economic Secretary Richard Fuller has also spoken of making the U.K. the “dominant global hub for crypto technologies.”

Source

19 thoughts on “FCA green lights Revolut, making no UK crypto firms operating under temporary status”
  1. I am no longer sure the place you’re getting your information, but good topic. I must spend some time finding out more or figuring out more. Thanks for fantastic info I used to be in search of this information for my mission.

  2. Keep up the excellent piece of work, I read few posts on this website and I think that your site is real interesting and has sets of superb info .

  3. Whats up this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!

  4. Thanks for another informative website. The place else could I get that type of info written in such a perfect way? I’ve a undertaking that I am just now operating on, and I have been at the glance out for such information.

  5. of course like your web site but you have to check the spelling on several of your posts. Many of them are rife with spelling issues and I to find it very troublesome to tell the truth on the other hand I will definitely come again again.

  6. obviously like your web-site but you need to check the spelling on several of your posts. Several of them are rife with spelling problems and I to find it very troublesome to inform the truth then again I will definitely come back again.

Leave a Reply

Your email address will not be published.