Revolut has launched its cryptocurrency service in Singapore, where the government is mulling over the need for additional rules on retail crypto trading. The UK-based fintech player says it will offer its services in "a responsible manner" and help customers understand the risks involved.
Revolut said its new service would allow customers in Singapore to buy, hold, and sell cryptocurrencies via its mobile app. Its platform offers more than 80 tokens for trade, with a 2.5% transaction fee for "standard" customers and 1.5% fee for "premium" and "metal" customers. An additional 0.5% exchange fee will apply when standard and premium customers exceed SG$5,000 and S$15,000, respectively, worth of transactions a month. Metal customers are able to make unlimited exchanges without forking out the additional fee.
Revolut customers will be able to convert any 27 fiat currencies or Gold(XAU) and Silver(XAG) into cryptocurrencies. They also will be able to implement a stop or limit order as well as utilise a "recurring buy" feature on the app.
The fintech firm's Singapore head of wealth and trading Deepak Khanna said it would offer its crypto services here in a "responsible manner", with plans to include "educational features" in the coming months that aimed to help customers understand the trends and risks tied to digital currencies.
"We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards," Khanna said.
Revolut's crypto general manager Emil Urmanshin added: "Trying to navigate your way around traditional exchanges can be incredibly complex, and this process can often exclude people from getting access to cryptocurrency." Urmanshin said the fintech player hoped to address this by easing exchange processes for customers.
In its statement Thursday, Revolut said its Singapore customer base grew six-fold since the start of the COVID-19 pandemic, with revenue run rate more than doubling in the past year. It currently holds a Major Payment Institution license in the Asian market and has been offering various financial services, including cross-border money transfer and e-money issuance.
it also holds a Capital Markets Services licence here, under Revolut Securities Singapore, and plans to offer its stock trading product later this year.
Operational since 2015, the UK fintech company has more than 20 million customers worldwide and processes more than 250 million transactions a month.
The launch of its cryptocurrency service in Singapore comes as the country explores the possibility of introducing additional rules in retail crypto trading, a move the government has said is necessary to safeguard the general public.
Singapore has repeatedly cautioned against such trading due to the "sharp speculative price swings" of cryptocurrencies. The government in January restricted the marketing and advertising of cryptocurrency services in public areas as well as barred the portrayal of cryptocurrency trading as trivial.
Crypto ownership is popular amongst investors in Singapore, where 67% of personal investors had expanded their cryptocurrency portfolio last year, according to a study last August. The survey found that 78% owned Ethereum, while 69% had Bitcoin and 40% carried Cardano.