British financial technology company Revolut has launched into Singaporean territory to begin crypto trading.
With its new crypto service in Singapore, citizens and resident foreigners can now buy, sell, and hold crypto with its super-app. For now, only 80 tokens are available on the app including Bitcoin (BTC) and Ethereum (ETH).
According to Revolut, users can now convert 27 fiat currencies as well as gold and silver into crypto.
The process will take just one step and with no foreign exchange fee charged on the transaction. Revolut as a digital bank offers its services to customers in two tiers. The first tier is called Revolut Standard, the next is Premium while the last and the highest tier is Revolut Metal.
Given the tiers, customers are charged a transaction fee based on the tier they belong to. Specifically, customers on the highest tier pay a lower transaction fee compared to the others. For customers in the Standard tier, a 2.5% transaction fee applies. Customers in the Premium and Metal tier pay only 1.5% as a transaction fee.
Revolut Operates Under MAS Regulations
In the first place, Revolut received in-principle approval from Singaporean regulator Monetary Authority of Singapore (MAS) in April. It permitted the digital service provider to provide payment token services under the Major Payment Institution license.
With the in-principle license, Revolut could operate as a full-fledged regulated crypto service provider in Singapore. Now its customers can trade by setting up a stop/limit order so as not to actively monitor the market. They could also enter the trade market with the Recurring Buy feature to reduce the effect of market volatility.
Singapore is gradually growing into a crypto hub with a regulated market for virtual assets service providers (VASP) as enacted by the Financial Services and Market Bill. The regulator, MAS has been able to create trading boundaries for the licensed VASPs. Several crypto exchanges have bagged operational licenses and are beneficiaries of this regulated system.
Recently, Crypto.com received a partial in-principle license from MAS. The Monetary Authority of Singapore also launched a project dubbed “Project Guardian” for the digitization of financial assets on the blockchain. Ultimately, with Singapore regulations, Revolut plans to inaugurate several crypto hubs in the country as well as introduce educational courses on cryptocurrencies.