Digital Bank Revolut has received authorisation from the Cyprus Securities and Exchange Commission (CySEC) as a crypto provider. With the new approval, Revolut is allowed to offer crypto services in the European Economic Area (EEA).
Valued at $33 billion, Revolut has 17 million customers in the EEA. The company’s crypto hub will be located in Cyprus.
Revolut applied for authorisation in Cyprus to ensure it is under European regulations before the enforcement of EU’s Markets in Crypto-Assets regulation (MiCA).
MiCA aims to provide customer protection and fight scams, money laundering and other financial crime in the crypto world.
The digital bank has also applied for registration in the UK with the Financial Conduct Authority (FCA). It’s application is still pending but Revolut is currently under FCA’s Temporary Registration Regime and will continue to serve its clients in the region through its UK entity.
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