Revolut today reported that it has secured a temporary crypto registration from the UK Financial Conduct Authority (FCA).

Last year, the FCA introduced a requirement for all crypto businesses in the UK to register with the FCA to confirm that they comply with the UK’s money laundering regulations.

The FCA set a deadline of January 10, 2021 for all UK crypto businesses to be registered or they would need to stop offering crypto services. Revolut says it has submitted its application on time during the middle part of last year, but unfortunately due to a bit of a backlog, the FCA was not able to process all UK crypto businesses’ applications by this date.

The FCA, however, has granted Revolut a temporary registration while they work through this backlog, which is valid until July 9, 2021, pending the determination of Revolut’s application. This means Revolut can continue to offer crypto services to use as usual.

“We take our regulatory obligations very seriously at Revolut and welcome these regulations applying to crypto businesses. We know that well thought-out regulation in the crypto space is a good thing”, Revolut commented.