Revolut was the last of the 12 companies granted temporary FCA registration in March to offer crypto services. 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.
The FCA updated its list of crypto asset firms registered in the U.K. on Monday. It showed that Revolut was complying with the amended 2017 regulations regarding “Money laundering, terrorist financing and transfer of funds.”
FCA adds revolut to its crypto asset registration list
After being granted temporary registration extension in March, the fintech company joined 37 others that have been given the green light to provide crypto services in the country.
After registration with the FCA (a rule in effect since 2020), firms that offer crypto-related services and products in the U.K. will be allowed to operate.
Many companies, including Revolut were granted temporary registration status to allow them to continue operating while they wait for compliance with Anti-Money Laundering (AML) and Combatting Financing Terrorism (CFT) requirements.
At the time this article was published, there no cryptocurrency asset firms still operating under temporary FCA status. Revolut was the only “holdout” of the 12 temporary registered companies granted in March.
According to a Financial Times report, the U.K. Financial Reporting Council discovered flaws in Revolut’s audit. This included an “unacceptably large” risk of material misstatement.
After the death of Queen Elizabeth II and Prime Minister Liz Truss, there has been a significant shakeup in the U.K. political scene. On Sept. 22, the government declared that lawmakers had introduced Economic Crime and Corporate Transparency Bill – legislation that would allow the National Crime Agency to “seize and freeze and recover crypto assets.” Truss’ Economic Secretary Richard Fuller, however, has also talked of the U.K. becoming the “dominant worldwide hub for crypto technologies.