Jamie Crawley is a CoinDesk news reporter based in London.
European digital bank Revolut has been granted authorization by the Cyprus Securities and Exchange Commission (CYSEC) allowing it to offer crypto services across the European Economic Area (EEA).
The $33 billion-valued Revolut became the first entity to be awarded crypto-asset service provider (CASP) from CYSEC, it said on Aug. 12.
The authorization will enable Revolut to offer crypto services to its 17 million customers in the EEA out of a new crypto-asset hub in Cyprus. Revolut said its choice was down to the sophisticated regulatory regime of the island country which has also attracted the likes of Crypto.com, eToro and Bitpanda.
Ahead of the European Union’s Markets in Crypto-Assets regulation (MiCA), crypto firms area attempting to establish regulated entities in EU countries to ensure they are able to offer services across the economic bloc.
MiCA is designed to provide great consumer protection and stamp out scams, money laundering and other financial crime in the crypto industry.
With 17 million customers already across the EEA, Revolut is looking to ensure it will be able to offer them crypto services once MiCA becomes law.
Revolut also confirmed that it will continue to serve U.K. customers from its U.K.-based entity. Its registration application with the U.K. Financial Conduct Authority (FCA) remains unresolved, with the firm able to offer crypto services there via the FCA’s Temporary Registration Regime (TRR).
The digital banking firm has around 20 million customers worldwide and now offers exposure to around 80 crypto assets having added over 20 new ones at the start of this month including APE, AVAX and SAND.