United Kingdom-based online bank, Revolut has been approved by the Cyprus securities and exchange Commission CySEC to provide crypto service across the European Economic Area. The approval from the CySEC makes Revolut the first firm to be awarded the crypto asset authorization.
With the CySEC approval, Revolut can now provide its crypto service to its 17 million users in the European Economic Area from a new crypto hub in Cyprus.
The authorization from CySEC places Revolut under European regulations just ahead of the enforcement of the Markets in Crypto Assets (MiCA) Bill. MiCA billed to become effective in 2024, is designed to protect customers in European countries from scams and other financial crimes.
Under the pending MiCA regulations, crypto firms are required to be regulated within the purview of the EEA in preparation for MiCA enforcement. This has thus made Revolut the first firm to be awarded the crypto asset service provider (CASP).
The CySEC’s approval follows the announcement of the addition of 22 tokens including SAND, AVAX, and APE earlier in the month. This addition brings the firm’s total offering to over 80 cryptocurrencies available to its customers in the UK and EEA.
Following the addition, the British financial technology company also launched into Singaporean territory to begin crypto trading. The new product allows citizens and resident foreigners in Singapore to buy, sell, and hold crypto with a click of a button via its super-app; the Revolut app.
The Neobank was also recently granted crypto authorization in Spain by the Spanish Central Bank. While it awaits approval from the UK’s Financial Conduct Authority (FCA), Revolut will service its UK customers from its UK-based entity.
Why the choice of Cyprus
According to the Revolut banking platform, Cyprus was chosen because of its crypto-friendly regulations and the regulator’s knowledge of the space which has made it a leader in crypto regulation.
Notably, Cyprus is home to crypto firms like Crypto.com, FTX, Bitpanda, and etoro
Crypto.com, a recognized cryptocurrency exchange, also got approval from CySEC to offer its range of services to Cypriots. Furthermore, FTX Europe also secured the approval of the financial watchdog to offer services through its official website.
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