British financial technology Revolut has received in-principle approval (IPA) from the Monetary Authority of Singapore to operate fully regulated cryptocurrency services in the country under the Payment Services Act, the company said on Wednesday.
The crypto company is currently awaiting approval for permanent registration with the Financial Conduct Authority after it received temporary licenses from the Financial Conduct Authority (FCA) to continue operating in the UK.
Revolut Receives Crypto Services License from the MAS
12 crypto assets companies including digital bank Revolut and crypto custody firm Copper Technologies, which received temporary licenses from the FCA, have warned of closing operations in the UK and expanding elsewhere.
Copper Technologies have already started expanding operations in Switzerland. Recently, the crypto custody firm hired five Bank of America’s crypto brokerage executives to lead the new team in Switzerland.
Revolut has now received IPA which allows the company to provide digital payment token (DPT) services under the Major Payment Institution (MPI) license. Customers in Singapore can now buy, sell and hold cryptocurrency in the Revolut app. Moreover, Revolut will allow partner merchants to accept cryptocurrency as payment.
Besides Revolut, global cryptocurrency company Luno also received in-principle approval (IPA) from the Monetary Authority of Singapore. The company provides services and products to buy, store and trade cryptocurrencies like Bitcoin and altcoins in over 40 countries.
Luno’s global expansion manager and Singapore country manager, Sherry Goh, said:
“With this IPA, we hope to instil greater trust and confidence in the market, so that customers can continue to trust and use our platform safely and securely.”
Ravi Menon, managing director of MAS, claims that only major crypto asset service providers are approved for a license. In fact, the ability to manage risks such as money laundering, terrorism financing, technology risks, and public retail access are major criteria for selection.
Revolut Seeks Massive Expansion
Despite uncertainty from the FCA, digital banking platform Revolut plans to expand into decentralized cryptocurrency wallets and the mortgage sector. Moreover, the company pushes ahead with its strategy to become a “superapp” in the crypto space.
Revolut is expanding rapidly around the globe, with the latest partnership with Cross River Bank in the U.S. to offer consumer lending, including credit and personal loans for customers.
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