Revolut launched its cryptocurrency service in Singapore, where the government considered the need for additional rules on retail cryptocurrency trading. The UK-based fintech operator says it will offer its services in a “responsible manner” and will help clients understand the risks involved.
Revolut said its new service asks Singapore customers to buy, hold and sell cryptocurrencies via its mobile app. Its platform offers more than 80 tokens to trade, with transaction fees of 2.5% for “standard” customers and 1.5% for “premium” and “metal” customers. An additional 0.5% exchange fee will be applied when standard and premium customers transact SG $ 5,000 and S $ 15,000 per month respectively. Metal clients can make unlimited trades without incurring additional fees.
Revolut customers can convert 27 fiat currencies (XAU) and cash (XAG) into cryptocurrencies. They must also implement a stop or limit order and use a “recurring buy” feature on the app.
Singapore’s head of wealth and fintech commerce, Deepak Khanna, said he will offer his crypto services here in a “responsible manner”, with plans to include “educational features” in the coming months to help clients understand the trends. and the risks of digital currency.
“We believe Singapore’s regulatory strengths and proactive industry engagement are critical to serving customers with the highest standards,” said Khanna.
Revolut Chief Crypto Officer Emil Urmanshin added: “Trying to navigate traditional exchanges can be complex and this process can often prevent people from accessing cryptocurrency.” Urmanshin said that the fintech player hopes to solve this problem by simplifying the trading processes for clients.
In its statement on Thursday, Revolut said its Singapore customer base has grown sixfold since the start of the COVID-19 pandemic, with the revenue rate more than doubling over the past year. It currently holds a license for a major payment institution in the Asian market and offers various financial services, including cross-border money transfer and e-money issuance.
It also holds a Capital Markets Services license here, under Revolut Securities Singapore, and plans to offer its equity trading product later this year.
Operating since 2015, UK fintech has more than 20 million customers worldwide and processes more than 250 million transactions per month.
The launch of its cryptocurrency service in Singapore comes as the country explores the possibility of introducing further cryptocurrency retail rules, a move the government has said is needed to protect the general public.
Singapore has repeatedly warned against such exchanges due to “sharp speculative price swings” of cryptocurrencies. In January, the government restricted the marketing and advertising of cryptocurrency services in public spaces and banned the portrayal of cryptocurrency trading as meaningless.
Cryptocurrency ownership is popular with investors in Singapore, where 67% of personal investors have expanded their cryptocurrency portfolio in the past year, according to a study from last August. The survey revealed that 78% owned Ethereum, while 69% owned Bitcoin and 40% carried Cardano.