Revolut Is Given Permission To Provide Cryptocurrency Services In Cyprus
The Cyprus Securities and Exchange Commission gave Revolut permission to provide cryptocurrency services to European consumers. Revolut is now officially the first organization to receive the commission’s authorisation for the use of cryptocurrency assets.
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. One of the world’s first significant legal frameworks for cryptocurrencies is the Markets in Crypto-Assets (MiCa) regulation, which is scheduled for implementation by the end of next year. The goal of this initiative is to “bring order in the wild west of crypto assets.”
One of the world’s first significant regulatory frameworks for crypto assets is the Markets in Crypto-Assets (MiCa) regulation, which is scheduled to take effect at the end of next year.
In response to the same, a Revolut official said:
“We welcome the EU-wide regulation and wholeheartedly embrace the European Parliament’s clear intention to support innovation whilst requiring strong customer protection measures to prevent any type of market abuse.”
After conducting a “in-depth examination of all EU nations” Revolut chose Cyprus, according to AltFi, and CYSEC was selected because of Cyprus’ “complex and robust regulatory environment, as well as the strength of the current crypto industry in Cyprus.”
Revolut broadens its offerings
The European digital bank has increased its support for cryptocurrencies during the last several days. For instance, it added 22 new currencies to its platform at the beginning of August, including SAND, AVAX, and APE. In reality, Revolut now offers more than 80 different types of cryptocurrencies.
According to Emil Urmanshin, General Manager of Crypto 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.”
In case you forgot, the digital bank simultaneously introduced its crypto service in Singapore. Revolut pledged at the time that it would provide its services in “a responsible manner” and help users realize the risks.
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