The regulatory climate for cryptocurrency in Singapore is not the best at the moment, but Revolut, a UK-based company that operates at the intersection of crypto and institutional finance, is launching a cryptocurrency 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 considerations of launching and supporting cryptocurrency products in the country. Despite this, and despite the global market downturn, companies like Revolut continue to make their way into the Singaporean 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,” said Deepak Khanna, Head of Wealth and Commerce at Revolut’s Singapore.
Revolut says it will soon unveil crypto services in Singapore, along with a planned increase in its personal volume of around 20%. The fintech company, which has received approval from the monetary authorities in Singapore, is set to offer the crypto service as a platform for cryptocurrency transfers, serving at least 27 fiat currencies, as well as gold and silver. This service will not incur a foreign exchange fee, rather it will depend on the level or level of subscription of the user in the Revolut platform.
Users in Revolut’s Standard tier will be charged 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 methods of exchange can be incredibly complex, and this process can oftentimes exclude people from accessing cryptocurrency. With Revolut, customers can easily exchange fiat currencies for the cryptocurrency of their choice with the click of a button,” he shares. Emil Urmanshin, Crypto General Manager at Revolut.
What is 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 order and a recurring buy feature that enables users to exit their portfolio as market volatility increases. Revolut users currently have access to more than 80 tokens through its mobile app, with more to be included as market conditions become more stable.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.