The regulatory climate for crypto in Singapore is not the best at the moment, but Revolut, a U.K.-based firm working at the intersection of crypto and institutionalized 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 down or withdraw from considerations of launching and supporting crypto-specific products in the country. Despite this, and despite the global market downturn, firms like Revolut are continuing to make inroads into the Singaporean market, specifically aiming at the country's crypto-savvy consumer base.
"We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency," shares Deepak Khanna, Head of Wealth and Trading at Revolut's Singapore domain.
Revolut says that it will soon be unveiling its crypto services in Singapore, alongside a planned increase to its personell by roughly 20% in size. The financial technology firm has received approval from the Singapore Monetary Authorities, and is set to provide the crypto service as a ramp for crypto-fiat conversions, servicing at least 27 fiat currencies, as well as gold and silver. This service will not incur foreign exchange fees, but would rather be based on a user's tier or level of subscription to the Revolut platform.
Users on Revolut's Standard tier will be charged a 2.5% fee per transaction, while Premium and Metal users will be charged 1.5% per transaction. This amount is calculated based on the transaction's total value.
"Trying to navigate your way around traditional exchanges can be incredibly complex, and this process can often exclude people from getting access to cryptocurrency. With Revolut, customers can easily exchange fiat currencies to their choice of cryptocurrencies with the tap of a button," shares Emil Urmanshin, Crypto General Manager at Revolut.
What's great with 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 which enables users to even out their portfolio as market volatility shapes up. 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 provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.