European digital bank Revolut has been granted authorization by the Cyprus Securities and Exchange Commission (CYSEC) allowing it to offer crypto services across the European Economic Area (EEA). The EEA includes the 27 countries that are in the European Union, plus Iceland, Liechtenstein and Norway.
Crypto firms are attempting to establish regulated entities in EU countries to ensure that they will be able to offer services across the economic bloc, ahead of the EU’s Markets in Crypto-Assets regulation, or MiCA. MiCA is designed to provide great consumer protection and stamp out scams, money laundering and other financial crime in the crypto industry.
Revolut received the green light from the Cyprus Securities and Exchange Commission to offer crypto services to European customers. Notably, this makes Revolut the first entity to be granted the crypto asset authorization from the commission.
The permission, as such, will enable Revolut to offer crypto services to its 17 million customers out of a novel crypto-asset hub in Cyprus. Announcing the same, London-based AltFi news reported,“The new entity will allow Revolut to continue to offer its 17 million customers based in the European Economic Area exposure to crypto-assets.” It is worth noting that the EU recently agreed on a landmark crypto law.
The Markets in Crypto-Assets (MiCa) law, set to be implemented by the end of next year, is among the world’s first major regulatory frameworks for crypto. It is being introduced as an attempt to “put order in the wild west of crypto assets.” The Markets in Crypto-Assets (MiCa) law, set to come into effect at the end of next year, is among the world’s first major regulatory frameworks for crypto assets.
Revolut expands services
Over the past few days, the European digital bank has ramped its support for cryptos. At the beginning of August, for instance, it offered an additional 22 tokens on its platform, including SAND, AVAX, and APE. In effect, the total number of crypto assets offered by Revolut now stands over 80.
Per Emil Urmanshin, Crypto General Manager at Revolut, “We’ve given a big boost to our offering while empowering people to take more control of their finances and giving them safe access to new tools and services being built in crypto.”
Revolut also confirmed that it will continue to serve U.K. customers from its U.K.-based entity. Its registration application with the U.K. Financial Conduct Authority (FCA) remains unresolved, with the firm able to offer crypto services there via the FCA’s Temporary Registration Regime.
The firm has about 20 million customers worldwide and now offers exposure to around 80 crypto assets, after it added 20 new ones at the start of this month, including APE, AVAX and SAND.