Ukraine’s central bank emphasizes the need for Revolut to obtain a local banking license to provide services in the country
Highlights
- Ukraine’s central bank states that Revolut needs a local banking license to operate in the country.
- Revolut currently provides services to Ukrainian residents through its Lithuanian-based entity.
- The National Bank of Ukraine stresses the importance of compliance with local regulations for all market participants.
Summary
Ukraine’s central bank has announced that Revolut, the London-based fintech company, must obtain a local banking license to operate in the country. Despite Revolut’s recent announcement that Ukrainian residents can now open accounts, the National Bank of Ukraine (NBU) clarified that Revolut Bank UAB, based in Lithuania, has not received any licenses or permits from the NBU.
The central bank emphasized that all market participants must comply with local legislative and regulatory requirements to ensure the stability of the Ukrainian banking system and protect the interests of bank depositors and customers. Revolut has stated that it prioritizes compliance with local regulations and plans to seek a local license in due course.
