CyberNews Briefs

Revolut unveils cryptocurrency service in Singapore amidst possible new restrictions

Revolut has launched its new cryptocurrency service in Singapore despite warnings of potential new restrictions facing the industry. The government is currently considering adding more regulations to retail crypto trading within the country, concerned about the volatility of certain coins. The UK-based fintech company Revolut stated that it plans to offer its services responsibly, helping customers to understand the risks involved in cryptocurrency trading. The new service would allow customers located in Singapore to buy, hold, and sell cryptocurrencies through a mobile app.

Revolut’s platform boasts more than 80 different tokens for trade, along with a 2.5% standard transaction fee. For premium customers, the transaction fee decreases to 1.5%. Customers enrolled in Revolut’s highest membership option will have the ability to make unlimited changes without additional fees. Revolut plans to offer the educational features alongside its platform over the next several months to help comply with Singapore’s potential regulations and to inform its customers of the risks of trading cryptocurrencies.

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