Revolut to launch crypto platform, Cyprus agrees
According to a report from Atlfi, the fintech company Revolut will be able to offer more crypto products to its customers. The one-stop app for “everything with money” has been authorized to offer crypto products by the Cyprus Securities and Exchange Commission (CYSEC).
According to the report, this authorization from Cyprus regulators comes on the heels of a crypto authorization granted by Spanish and Singaporean authorities. Thus, Revolut appears to be positioned to expand by targeting more customers with its new crypto services.
The company already serves over 17 million customers in the EU and the UK. A spokesperson for Revolut told Altfi the following about the upcoming new crypto regulations in the EU:
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.
As Bitcoinist reported, the EU adopted a “Digital Financial Package” in 2020 to address cryptocurrencies. Since then, lawmakers in the region have been working on the Regulation on the Markets in Crypto Assets (MiCA), a new set of legislation set to come into force as law in 2024.
The spokesman claims that Cyprus’ regulator will become a leader in the region due to its approach to digital assets. The commission has granted authorization to some of the biggest names in the space, including Crypto.com, eToro, Bitpanda and others.
The spokesperson also told the media that they considered many other EU countries to launch their crypto platform, but Cyprus was chosen because of:
(…) sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus.
Revolut is making an aggressive push into the crypto sector
In addition to gaining authorization from top European regulators, Revolut has expanded its crypto offering and brought in new talent from the sector. Over the past few weeks, the platform has provided access to 22 new digital assets to its UK customers.
Despite the downside trend across the crypto industry, the company remains optimistic about its long-term success. In a separate report, Emil Urmanshin, Crypto General Manager at Revolut, acknowledged the risks of trading digital assets, but called 2022 “another big year for crypto.”
Therefore, the company is making efforts to expand its digital asset services and products in the coming months, Revolut will increase its crypto division by 20% with experts, compliance professionals and a legal department.
This year alone, the platform brought in over 43 members for its crypto division and plans to double its best. Urmanshin added:
So far this year, we have hired several hundred staff across various teams in London and many more globally. We want to grow our crypto team by 20% in the next six months. We view crypto as a long-term play and remain positive on the crypto industry.
