Revolut can offer crypto asset services after FCA AML registration

UK-based super-app Revolut is now able to offer crypto asset services in the UK after meeting Financial Conduct Authority’s (FCA) anti-money laundering (AML) standards.

FCA greenlights crypto asset services for Revolut after firm meets AML standards

Revolut, which has been authorised as an electronic money institution by the FCA for more than four years, was added to the FCA’s Financial Services Register on 26 September.

An FCA spokesperson says: “We confirm that Revolut has been removed from the temporary register and has received full registration as a crypto asset 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.”

On the news of its authorisation, a Revolut spokesperson told FinTech Futures: “We are delighted to have received full registration as a crypto asset firm.”

The company, which has been busy recently launching a one-click payment solution and fending off a “highly targeted” cyber-attack, becomes the 38^th firm in the UK to be given permission to operate crypto asset exchange and custodial services, AltFi reports.

In July, the fintech unicorn made a number of senior hires in both the US and India.

In January 2020, the FCA implemented an AML and counter-terrorism registration process for crypto asset exchange providers and custodian wallet providers who want to operate in the UK.

In March this year, the FCA warned operators of crypto ATMs in the country to “shut their machines down or face enforcement action”. Crypto ATMs must be registered and comply with UK Money Laundering Regulations (MLR), the FCA said at the time.