The European digital bank Revolut finally gets Cyprus Securities and Exchange Commission’s (CYSEC) approval to offer Crypto Services in the European Economic Area (EEA).
The approval allows Revolut to offer crypto services to its 17 million customers in the EEA region out of a new crypto-asset centre in Cyprus. Revolut said its choice was influenced by the regulations of the island country which has also appealed to firms like Crypto.com, eToro and Bitpanda.
With the approval, Revolut is intending to ensure that it will be able to offer its millions of customers crypto services after EU’s Markets in Crypto-Assets regulation(MiCA) becomes law. MiCA proposal is outlined to offer better consumer protection against cams, money laundering and other financial crimes in the crypto sector.
Revolut, which has a massive valuation of $33 billion, said that it has become the first body to receive a green signal to become the crypto-asset service provider (CASP) from CYSEC.
The news comes in as crypto firms are trying their best to receive approvals in EU countries to provide services across the economic group ahead of the MiCA.
Also read : EU Agrees on MiCA Regulation for Crypto Assets & Stablecoin
Lastly, Revolut has confirmed that it will keep on serving its UK customers from its UK based entity. However, Revolut’s registration application with the UK’s Financial Conduct Authority (FCA) remains unsettled as the firm can only offer crypto services in the UK through FCA’s Temporary Registration Regime (TRR).
