The current cryptocurrency regulatory environment in Singapore is not the best, but British company Revolut, a company working on the intersection of cryptocurrencies and institutionalized finance, is launching a cryptocurrency exchange service in the country anyway.
The recent lack of clarity on Singapore’s regulatory framework for crypto and digital assets has led many investors and companies to either back off or back out of considering launching and supporting crypto-specific products in the country. Still, despite the global downturn, companies like Revolut have continued to make inroads into the Singapore market, especially targeting the country’s crypto-savvy consumer base.
“We plan to offer educational features in the coming months to help clients better understand the trends and risks associated with cryptocurrencies,” shared Deepak Khanna, Head of Wealth and Trading at Revolut Singapore.
Revolut said it will soon launch its crypto services in Singapore, while planning to increase its staff size by about 20%. The financial technology company has been approved by the Monetary Authority of Singapore and will offer crypto services as a ramp for crypto-fiat conversions, serving at least 27 fiat currencies as well as gold and silver. The service does not incur foreign exchange charges, but is based on the user’s subscription tier or tier to the Revolut platform.
Revolut Standard tier users will be charged 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 very complicated, and the process often leaves people inaccessible to cryptocurrencies. With Revolut, customers can easily exchange fiat currency for the cryptocurrency of their choice with the click of a button,” shares Revolut’s Crypto Currency General Manager Emil Urmanshin.
The beauty of Revolut is that it allows users to easily buy and sell digital assets with built-in features, such as setting stop-limit orders and periodic buys, allowing users to balance their portfolios as market volatility develops. Revolut users currently have access to over 80 tokens through its mobile app, with more to be listed as market conditions become more stable.
Disclaimer: This article is for informational purposes only. It is not intended or intended to be used as legal, tax, investment, financial or other advice.