August 26, 2022

Cyprus Regulator Approves Revolut to Provide Crypto Services.

The Cyprus Securities and Exchange Commission (CYSEC) has granted European digital bank Revolut authorization to offer crypto services throughout the European Economic Area (EEA)

#Revolut, worth $33 billion, became the first entity to be awarded #crypto-asset service provider (#CASP) status by #CYSEC on August 12.

The approval will allow Revolut to provide #crypto services to its 17 million EEA customers through a new crypto-asset hub in Cyprus. Revolut attributed its decision to the island country’s sophisticated regulatory regime, which has also attracted #Crypto.com, #eToro, and #Bitpanda.

Ahead of the European Union’s Markets in Crypto-Assets regulation (MiCA), #crypto firms are attempting to establish regulated entities in EU countries in order to provide services across the economic bloc.

MiCA is intended to provide excellent consumer protection while also combating #scams, money laundering, and other forms of financial crime in the #cryptocurrency industry.

With 17 million customers across the EEA, Revolut wants to ensure that it will be able to provide crypto services once MiCA becomes law.

Revolut also confirmed that its UK-based entity would continue to serve UK customers. Its registration application with the Financial Conduct Authority (FCA) in the United Kingdom is still pending, but the company can offer crypto services there under the FCA’s Temporary Registration Regime (TRR).

The #digital banking firm has approximately 20 million customers worldwide and now provides exposure to approximately 80 crypto #assets, including #APE, #AVAX, and #SAND.

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