Revolut gets the green light to offer crypto services in Cyprus
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 receive permission for crypto-assets from the commission.
The permit, as such, will enable Revolut to offer crypto services to its 17 million customers from a new crypto asset center 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 cryptoassets.”
It is worth noting that the EU recently agreed on a landmark crypto law. The Markets in Crypto-Assets (MiCa) law, 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 “bring order to the wild west of cryptoassets.”
The Markets in Crypto-Assets (MiCa) Act, due to come into effect at the end of next year, is among the world’s first major regulatory frameworks for crypto-assets.
A Revolut spokesperson commented on the same, saying:
“We welcome EU-wide regulation and wholeheartedly embrace the European Parliament’s clear intention to support innovation, while demanding strong customer protection measures to prevent any form of market abuse.”
Furthermore, AltFi revealed that Revolut chose Cyprus after an “in-depth investigation of all EU countries”, with CYSEC chosen due to the country’s “sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus.”
Revolut is expanding its services
Over the past few days, the European digital bank has increased its support for crypto. For example, in early August, it offered an additional 22 tokens on the platform, including SAND, AVAX and APE. In fact, the total number of cryptoassets offered by Revolut is now 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.”
It is worth recalling that the digital bank launched its crypto service in Singapore around the same time. At the time, Revolut said it would offer its services “in a responsible manner” and help customers understand the risks involved.
