- Cyprus has granted Revolut the first cryptocurrency license.
- Revolut also announced that it was doubling down on its crypto strategy.
- A number of other significant global cryptocurrency startups are based in Cyprus.
Revolut has received the first cryptocurrency permission from the Cyprus Securities and Exchange Commission, creating a new European crypto-asset hub to serve its 17 million European consumers with further cryptocurrency services.
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As the EU’s new crypto regulatory guidelines MiCA take effect, the neo banking platform-turned-“super app” is establishing its European base, but it is still pursuing a license from the UK’s Financial Conduct Authority.
Revolut will be able to continue providing exposure to crypto assets to its 17 million clients who are headquartered in the European Economic Area thanks to the new firm.
Revolut’s offices in London and its UK corporate entity will remain to provide customer service to the majority of the 20 million consumers it has worldwide.
Just last week, Revolut also disclosed that it was ramping up its cryptocurrency strategy with the introduction of 22 new tokens that could be traded within its app and that the business is actively seeking out crypto talent. Additionally, it has been attempting to assist potential cryptocurrency users by providing free “education courses” that grant free tokens in return for completion.
“We welcome the EU-wide regulation and wholeheartedly embrace the European Parliament’s clear intention to support innovation while requiring strong customer protection measures to prevent any type of market abuse, ” a spokesperson for Revolut said.
“In establishing a hub for our crypto operations in the EU, we recognize that CYSEC has in-depth knowledge of crypto and its efforts to be a leader in crypto regulation.
Other well-known worldwide cryptocurrency businesses regulated in a similar way have their headquarters in Cyprus, including Crypto.com, Bitpanda, eToro, and CMC markets.
After conducting an “in-depth examination of all EU nations,” Revolut claims to have decided on Cyprus, with CYSEC being chosen because of the nation’s “complex and rigorous regulatory structure, as well as the strength of the current crypto business in Cyprus.”
Recently, the Monetary Authority of Singapore and the Spanish Central Bank both granted Revolut crypto licenses and authorizations in those countries.
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