Revolut Launches Cryptocurrency Exchange Services in Singapore
British Fintech firm, Revolut has launched a digital currency trading service in Singapore.
As reported by the Business Times of Singapore, the platform’s users will now be able to buy, sell and hold as many as 80 different digital currencies.
The launch of the digital currency trading services comes following the in-principle approval the London-based fintech firms received from the Monetary Authority of Singapore back in April. According to the report, Revolut will let its users change 27 different fiat currencies, gold and silver, into digital currencies of their choice without attracting foreign exchange fees.
Fees, however, will be incurred in general for core transactions and will be charged based on the tier level of the customer. As pointed out, customers with standard tiers will pay 2.5% in fees, while premium and metal customers will pay 1.5% in fees.
“We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency,” said Deepak Khanna, head of wealth and trading at Revolut Singapore, “We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards.”
Revolut comes off as one of the few outfits that have permission to operate crypto exchange-related services in the country as the Monetary Authority of Singapore (MAS) is becoming more strict with crypto-hinged regulations. The collapse of Terraform Labs, Vauld Group, and Three Arrows Capital, all of which have ties to Singapore, has even made the MAS more cautious in a bid to protect consumers.
Known for its customer-centric offerings, Revolut said its presence in Singapore is growing across the board, with its customer base growing by as much as six-fold since the outbreak of the coronavirus pandemic. The fintech company also revealed that its revenue run rate has more than doubled in the past 12 months, a situation that serves as a very good ground for its business in both the country and globally.
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