The Cyprus Financial Regulatory Agency has granted Revolut authorization, allowing the fintech company to offer crypto services throughout the European Economic Area (EEA).
The Cyprus Securities and Exchange Commission (CYSEC) has recognized $33 billion worth of Revolut as a Crypto-Asset Service Provider (CASP) , making it the first entity to earn one.
The digital banking firm said it chose Cyprus because of its sophisticated regulatory regime, which has also attracted companies like Crypto.com, eToro and Bitpanda.
The authorization will allow Revolut to offer crypto services to its 17 million customers in the EEA outside the island country.
Revolut moves in anticipation of MiCA
Revolut has endeavored to obtain approval ahead of the planned introduction of the European Union Regulation in the markets of crypto-assets (MiCA).
By targeting scams, money laundering and other financial crimes in the crypto industry, MiCA is designed to provide excellent consumer protection.
This would allow crypto service providers to offer their services across the EU with the authorization of a single national authority.
Therefore, other companies besides Revolut have made progress in getting approval somewhere in Europe. Last week, Crypto.com and Coinbase obtained virtual asset provider registrations from regulators in Italy, while Gemini received registration in Ireland.
Meanwhile, the world’s largest cryptocurrency exchange by volume, Binance, also managed to secure registration in France, Italy and Spain during the month
Meanwhile, Revolut has also confirmed that its UK-based entity will continue to serve customers there. While its application for registration with the UK’s Financial Conduct Authority (FCA) remains unresolved, the company has still been able to offer crypto services, taking advantage of the temporary registration scheme. (TRR) of the FCA.
Globally, the digital bank has approximately 20 million customers. It currently offers exposure to around 80 crypto assets, adding more than 20 new ones earlier this month, including APE, AVAX and SAND.
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