Not so long ago, cryptocurrencies were hated by almost everyone. After a freezing crypto winter, they are getting back in the saddle and setting out to conquer the world. If the Singapore regulatory body has somewhat restricted the use of digital assets within the country, Revolut hopes to launch crypto trading there.
Revolut gets into crypto
Digital assets have undeniable attractions. Although their value is controversial, more and more institutions are incorporating them over time. Recently, Revolut announced plans to launch cryptocurrency trading in Singapore. The British fintech company specializing in financial and banking services said that it will now allow users to buy, sell and trade more than 80 tokens.
Transactions will be made directly on his application. The company is embarking on a complex project and intends to stand out. Indeed, it allows its customers to convert around 27 fiat currencies, gold or silver into crypto. Most ? The exchange process will be free of charge and in one step!
According to the Director of Wealth and Trading at Revolut Singapore, Deepak Khanna, the company aims at education and awareness about crypto investing. As a result, it plans to launch educational features in the coming months while working with regulators.
To prove it, Revolut announced in April that it had obtained the license from Major Payment Institution. As such, it has approval in principle from the Monetary Authority of Singapore to provide digital payments within the country.
Digital assets under the yoke of laws in Singapore
Crypto investing requires a huge amount of time and attention. Even though cryptocurrencies offer high earning potential, it is necessary to keep in mind that they are unstable. The volatility of the sector can cause you to lose a lot of money.
The downtrend has wreaked havoc on the ecosystem and risky investors are paying the price. Faced with this recurrent turbulence, the Monetary Authority of Singapore (SAM) has decided to take on the role of financial watchdog. On July 4, the chairman of the regulatory body, Tharman Shanmugaratnam, decided to tighten security.
According to him, the new laws are primarily aimed at consumer safety. Thus, there is now a limitation on the use of crypto assets for the general public and increased regulation for trading with leverage. Added to this is a long list of restrictions.
Among other things, avoiding the marketing and advertising of cryptocurrencies in public places and transport. But also, the formal prohibition for exchange platforms to trivialize the risks associated with cryptos.
Revolut has been able to combine Singapore regulatory standards and crypto trading. By working with regulators, the company ensures that it offers optimal service and customer satisfaction. However, she does not intend to stop there. It has announced its desire to set up many global product centers inside the country. The city-state also seems to be a good alternative since its income rate has exploded in one year.
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