Cyprus SEC Grants Revolut Permission To Offer Crypto Services

Cyprus SEC Grants Revolut Permission To Offer Crypto Services
  • The European digital bank has increased its backing for cryptocurrencies in recent days.
  • Revolut is the pioneer recipient of the commission’s crypto asset authorization.

The Cyprus Securities and Exchange Commission (CYSEC) has given Revolut permission to provide cryptocurrency services to European consumers. This makes Revolut the pioneer recipient of the commission’s crypto asset authorization. Because of this approval, Revolut may now serve its 17 million consumers from its innovative crypto-asset hub in Cyprus.

London’s AltFi news made the same announcement:

“The new entity will allow Revolut to continue to offer its 17 million customers based in the European Economic Area exposure to crypto-assets.”

Robust Regulatory Framework

It’s important to remember that the European Union just passed groundbreaking crypto legislation. When fully implemented at the end of 2023, the Markets in Crypto-Assets (MiCa) legislation will be one of the world’s first significant regulatory frameworks for cryptocurrencies. To “put order in the wild west of crypto assets,” its introduction is being billed as a necessary step.

A representative from Revolut 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.”

More importantly, AltFi said that Revolut chose Cyprus after conducting an “in-depth survey of all EU countries,” with CYSEC being selected owing to the “sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus.”

The European digital bank has increased its backing for cryptocurrencies in recent days. For instance, it added support for twenty-two new tokens, such as SAND, AVAX, and APE, at the start of August. With this addition, Revolut now supports over 80 different types of cryptocurrency.

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