A cryptocurrency exchange service is now available in Singapore through RevolutRevolut, a British Fintech business, has started a digital currency trading service in Singapore. According to the Business Times of Singapore, users of the site will now be able to purchase, trade, and store up to 80 different digital currencies.

    The introduction of the digital currency trading services follows the Monetary Authority of Singapore’s in-principle approval of the London-based fintech businesses in April. According to the source, Revolut would allow customers to convert 27 different fiat currencies, as well as gold and silver, into digital currencies of their choosing without incurring foreign exchange costs.

    Fees, on the other hand, will be incurred in general for core transactions and will be levied depending on the customer’s tier level. Consumers on regular tiers will pay 2.5 percent in surcharges, while premium and metal customers will pay 1.5 percent.

    “In the coming months, we plan to provide educational features to help customers better understand the trends and risks associated with cryptocurrency,” said Deepak Khanna, head of wealth and trading at Revolut Singapore. “We believe that Singapore’s regulatory strengths and proactive industry engagement are critical to serving clients with the highest standards.”

    Revolut seems to be one of the few companies having licence to provide crypto exchange-related services in the nation, as the Monetary Authority of Singapore (MAS) tightens its grip on crypto-related rules. The failures of Terraform Labs, Vauld Group, and Three Arrows Capital, all of which have Singapore links, have even prompted the MAS to be extra careful in order to safeguard consumers.

    Revolut, known for its client-centric products, said its footprint in Singapore is expanding across the board, with its customer base increasing by up to six-fold since the coronavirus epidemic. The fintech firm also stated that its revenue run rate has more than quadrupled in the last 12 months, which bodes well for its operations in both the nation and abroad.

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