The financial regulatory agency of Cyprus has granted Revolut authorization, enabling the fintech firm to offer crypto services throughout the European Economic Area (EEA).
The Cyprus Securities and Exchange Commission (CYSEC) recognized the $33 billion-valued Revolut as a crypto-asset service provider (CASP), making it the first entity to earn one.
The digital banking firm said it chose Cyprus due to its sophisticated regulatory regime, which has also attracted the likes of Crypto.com, eToro and Bitpanda.
The authorization will enable Revolut to offer crypto services to its 17 million customers in the EEA out of the island country.
Revolut moves in anticipation of MiCA
Revolut made an effort to receive the approval before the anticipated introduction of the European Union’s Markets in Crypto Assets regulation (MiCA).
By targeting scams, money laundering and other financial crimes in the crypto industry, MiCA is designed to provide great consumer protection.
It would enable crypto services providers to offer their services across the EU with authorization from just one national authority.
Consequently, other firms besides Revolut have been making strides in gaining approval somewhere in Europe. Last week, both Crypto.com and Coinbase secured virtual asset provider registrations with 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 over the past month.
Meanwhile, Revolut also confirmed that its U.K.-based entity would continue to serve customers there. While its registration application with the U.K. Financial Conduct Authority (FCA) remains unresolved, the firm has still been able to offer crypto services, by taking advantage of the FCA’s Temporary Registration Regime (TRR).
Globally, the digital banking firm has around 20 million customers. It currently offers exposure to roughly 80 crypto assets, adding over 20 new ones earlier this month including APE, AVAX and SAND.
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