Revolut receives green light to offer crypto services in Cyprus

Lavina Daryanani
Source: UKTN

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 be granted the crypto asset authorization from the commission.

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. The Markets in Crypto-Assets (MiCa) law, set 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 “put order in the wild west of crypto assets.”

The Markets in Crypto-Assets (MiCa) law, set to come into effect at the end of next year, is among the world’s first major regulatory frameworks for crypto assets.

Commenting on the same, a spokesperson for 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.”

Further, AltFi revealed that Revolut picked Cyprus after an “in-depth survey 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 expands services

Over the past few days, the European digital bank has ramped its support for cryptos. At the beginning of August, for instance, it offered an additional 22 tokens on its platform, including SAND, AVAX, and APE. In effect, the total number of crypto assets offered by Revolut now stands 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. Back then, Revolut said that it would offer its services in “a responsible manner” and assist customers in understanding the risks involved.