Cyprus has given the U.K.-based digital bank Revolut permission to offer bitcoin services to millions of consumers on the European continent. According to the fintech company, the island nation will now have a European crypto hub thanks to the regulatory license. Cyprus grants a cryptocurrency license to British fintech Revolut
From Cyprus, Revolut to Increase Crypto Services for Europeans.
Revolut, a pioneer in the neobank industry, has been given permission to work with cryptocurrencies and other digital assets by the Cyprus Securities and Exchange Commission (CySEC). According to the future laws of the EU, the corporation intends to set up a cryptocurrency hub on the island to enable it to provide new services to its 17 million European clients.
Following similar approvals in other areas, including Spain and Singapore, Revolut now has CySEC’s clearance, the Cyprus Mail stated in a story. The fintech company with its headquarters in London will be able to increase its sales in several countries thanks to these licenses. Through its U.K.-registered firm, the platform will continue to provide services to its British customers, who make up the majority of its clientele.
Revolut intends to comply with the new regulations the European Union is getting ready to enact for the business as the crypto hub project is realized. The online bank welcomes the EU-wide laws and supports the European Parliament’s objective to foster innovation while ensuring robust customer protection and combating market abuse, a spokesman of the company told the fintech news portal Altfi.
The English-language daily noted that the Commission has previously licensed other significant businesses in the fintech and crypto asset space, including Crypto.com, Etoro, CMC markets, and Bitpanda.
According to the business, Revolut performed a thorough analysis of all EU nations before deciding on Cyprus, and it cited Cyprus’s «advanced and rigorous regulatory environment» as well as the strength of its current crypto industry as key deciding considerations.
Deputy Minister for Research, Innovation, and Digital Policy Kyriacos Kokkinos said this spring, «I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.» He stated that Cyprus must take into consideration