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The regulatory climate for cryptocurrencies in Singapore isn’t the best right now, but Revolut, a UK-based company working at the intersection of crypto and institutional finance, is launching a crypto trading service in the country anyway.
The recent lack of clarity in Singapore’s regulatory frameworks for crypto and digital assets has led many investors and companies to either back off or withdraw from the prospect of launching and supporting certain crypto products in the country. Despite this, and despite the global market downturn, companies such as Revolut continue to penetrate the Singapore market, specifically targeting the country’s crypto-savvy consumer base.
“We plan to provide educational features in the coming months to help clients better understand the trends and risks associated with cryptocurrencies,” shares Deepak Khanna, Head of Wealth and Trading at Revolut in Singapore.
Revolut says it will soon unveil its crypto services in Singapore, alongside a planned staff increase of around 20% in size. The financial technology company has received approval from the Monetary Authority of Singapore and is set to provide the crypto service as a ramp for cryptocurrency conversions, serving at least 27 fiat currencies, as well as gold and silver. This service will not incur exchange charges, but will rather be based on the user’s level or membership level on the Revolut platform.
Users in Revolut’s Standard Tier will be charged a fee of 2.5% per transaction, while Premium and Metal users will be charged 1.5% per transaction. This amount is calculated based on the total value of the transaction.
“Trying to navigate traditional exchanges can be incredibly complicated, and this process can often block access to cryptocurrencies. With Revolut, customers can easily exchange fiat currencies for the cryptocurrencies of their choice with the click of a button,” shares Emil Urmanshin, General Manager of Crypto at Revolut.
What’s great about Revolut is that it allows users to easily buy and sell digital assets with built-in features such as the ability to set a stop limit and the Repeat Purchase feature that allows users to smooth their portfolio as market volatility builds . Revolut users currently have access to more than 80 tokens through its mobile app, with more to be listed as market conditions become more stable.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
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