Another digital bank is expanding its services to allow its customers to buy, sell or keep crypto.
Revolut, a UK-based financial technology company offering banking services established in 2018, has received Cyprus Securities and Exchange Commission’s (CYSEC) approval to provide crypto services.
According to the news report shared by alt.fi, the newly launched crypto hub will allow Revolut to provide its services to countries across the European Economic Area (EEA).
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The report notes that Revolut has 17 million customers across the EEA, which includes 27 countries in the European Union as well as Norway, Iceland, and Liechtenstein.
Based on the news report, this is the first time the Cyprus regulator has given authorization for any company to function as a crypto-asset service provider. Revolut highlights that Cyprus was chosen after an in-depth analysis of European countries. The company decided that Cyprus is a great fit due to its strong crypto industry and sophisticated regulatory regime.
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. 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.
The island country is home to crypto exchanges, such as Crypto.com, eToro, CMC markets, and Bitpanda.
Revolut notes that its British customers will continue to be served from the headquarters in London. Revolut has sent a registration request to UK’s Financial Conduct Authority (FCA), however, is yet to receive an answer. So far, the digital banking company provides its services to Britains through the FCA's Temporary Registration Regime.
Revolut is actively expanding its list of supported crypto assets. At the beginning of August, Revolut added 20 crypto assets, including SAND, APE, and AVAX. In total, the company currently supports 80 crypto assets.
In other news, the Brazilian payment and wallet app has recently announced the launch of its crypto exchange. This feature will allow users to buy, sell or store Bitcoin (BTC), Ethereum (ETH), and Paxos U.S. Dollar-backed stablecoin (USDP).
