Revolut, the financial app, announced today that Revolut LTD was registered in the Bank of Spain’s register of virtual currency exchange service providers for fiduciary currency.
The purpose of the registration is to comply with the registration obligation established in the Second Additional Provision of the Law 10/2010, of April 28, for the prevention of money laundering and the financing of terrorism, will allow revolut users in Spain to buy and sell cryptocurrencies on the platform.
Likewise, It should be noted that this announcement comes seven months after Revolut announced in January 2022 that it was beginning to operate as a banking entity in Spain, after operationalizing its European banking license.
Ignacio Zunzunegui, Head of Growth at Revolut for Spain and Portugal, He commented that the acquisition of this registration with the Bank of Spain is very important for them.
“On the one hand, we emphasize Revolut’s firm commitment to current legislation and regulations both in Spain and in the rest of Europe. On the other hand, it is a step forward towards the consolidation of our services in Spain, in order to be able to offer a global, complete and accessible offer of financial services to the more than one million users who already trust us to better manage their money. ”Zunzunegui said.
On the other hand, from Revolut they have reported that they have emphasized in all their communications to clients about the volatility of cryptocurrencies, whose price can vary rapidly, and therefore investors should independently review, educate themselves, and consider their personal circumstances when buying. or sell crypto.
“The company reminds that although it defends the democratization of access to the crypto economy, investment in cryptocurrencies may not be appropriate for everyone, so the company encourages clients to investigate the different cryptocurrencies and the risks and opportunities before buying. or sell”they expressed.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.