Revolut, Luno receive in-principle approval to provide crypto services in Singapore

TWO financial technology firms, Revolut and Luno, have received in-principle approval (IPA) from the Monetary Authority of Singapore to operate fully regulated cryptocurrency services in the Republic.

The IPA allows both companies to provide digital payment token services under the Major Payment Institution (MPI) licence.

Only a few other MPI-licensed firms offer digital payment token services, such as Fomo Pay, Independent Reserve and Triple A.

Revolut said the IPA will enable customers in Singapore to buy, sell and hold cryptocurrency in the Revolut app. The company will also be able to provide merchant-acquiring services, which would allow its merchant customers to receive cryptocurrency as payment.

Meanwhile, Luno is a retail-focused cryptocurrency platform that provides services and products to buy, store and trade cryptocurrencies like Bitcoin and Ethereum.

It is regulated in Malaysia and has registered with authorities in Indonesia.

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Luno’s global expansion manager and Singapore country manager Sherry Goh said the regulation brings clarity and protection to businesses and consumers.

“With this IPA, we hope to instil greater trust and confidence in the market, so that customers can continue to trust and use our platform safely and securely,” she said.