Revolut, a leader in the neobank industry, has been given permission to work with crypto services 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.
The approval of the Cyprus Securities Exchange Commission came after Spain and Singapore’s authorizations. The fintech company, with its headquarters in London, will be able to increase its sales in several countries. All thanks to these licenses. Through its U.K.-registered firm, they continue to provide services to its British customers, who comprise most of its clientele.
Revolut is looking to stay compliant with the updated rules and services of the European Union for the crypto industry. One of the company representatives told the fintech news outlet Altfi that they are open to welcoming the regulations the EU will introduce. Knowing that they intend to provide customer protection along with preventing scams and the chances for market abuse.
The comments follow the EU Parliament’s agreement with the Commission and Council. Together with other significant players in the 27-member bloc’s legislative process, on the proposal of a ground-breaking bill titled Markets in Crypto Assets (MiCA). The Act is to grant “passports” to service providers of crypto-related services. Enabling them to serve clients throughout the EU within a single regulatory framework.
The Revolut spokesperson added. “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 English-language daily noted that the Commission has previously licensed other significant businesses in the fintech and crypto asset industry. Including Crypto.com, Etoro, CMC markets, and Bitpanda. Revolut performed a thorough analysis of all EU nations before deciding on Cyprus for crypto services. It cited Cyprus’s “sophisticated and robust regulatory regime” and the strength of the current crypto industry as significant factors that led to choosing them.
Lastly, the Deputy Minister for Research, Innovation, and Digital Policy Kyriacos Kokkino says. “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.” Kokkino went on emphasizeing the importance of mindfulness for the EU frameworks.
The article was originally published on CBC