Crypto trading soon available?

Not so long ago, cryptocurrencies were hated by almost everyone. After a freezing crypto winter, they get back in the saddle and set out to conquer the world. If Singapore’s regulatory body has restricted the use of digital assets in the country, Revolut hopes to launch crypto trading there.

Revolut is entering 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 it will now allow users to buy, sell and trade more than 80 tokens.

Transactions will be made directly on its application. The company embarks on a complex project and intends to stand out. In fact, it allows its customers to convert about 27 fiat currencies, gold or silver to crypto. Most? The exchange process will be free and in one step!

According to the director of wealth and trading at Revolut Singapore, Deepak Khanna, the company aims to educate and raise 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 the Major Payment Institution. As such, it has in-principle approval 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. Although cryptocurrencies offer a high earning potential, it is necessary to keep in mind that they are unstable. The volatility of the sector can make you lose a lot of money.

The downward trend has wreaked havoc on the ecosystem, and risky investors are paying the price. Faced with this recurring turbulence, the Monetary Authority of Singapore (MAS) 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 restriction on the use of crypto-assets for the public and increased regulation for leveraged trading. Added to this is a long list of limitations.

Among other things, avoiding the marketing and advertising of cryptocurrencies in public places and transport. But also the formal ban on exchange platforms to downplay the risks associated with cryptos.

Revolut has been able to combine Singapore regulatory standards and crypto trading. By cooperating with regulators, the company ensures that it offers optimal service and customer satisfaction. However, she has no intention of stopping there. It has announced its desire to set up many global product centers inside the country. The city-state also appears to be a good alternative as its income rate has exploded in a year.

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Eddy Senga's avatar

Eddy Senga

The world is changing and adaptation is the best weapon to survive in this surging universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to blockchain and its derivatives. To share my experience and draw attention to a field that fascinates me, there is nothing better than writing informative and casual articles at the same time.

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