The U.K.-based crypto firm Revolut has been granted crypto authorization from the Cyprus Securities and Exchange Commission (CYSEC) to provide additional crypto services to its 17 million European customers.
The crypto firm has been working at the intersection of crypto and institutionalized finance and has recently been ramping up its crypto asset plans this month, adding an additional 22 crypto tokens to its platform as well as posting 13 job listings for crypto-related positions. The regulatory approval in Cyprus will help the company establish its European crypto asset hub. Cyprus is a member of the European Union, and therefore Revolut’s Cypriot authorization will fall under the scope of the EU crypto asset regulatory framework. A spokesperson for the company said,
We welcome the EU-wide regulation and wholeheartedly embrace the European Parliament’s clear intention to support innovation whilst requiring strong customer protection measures to prevent any type of market abuse.
In establishing a hub for our crypto operations in the EU, we recognise that CYSEC has in-depth knowledge of crypto and its efforts to be a leader in crypto regulation.
Cyprus has granted approval to operate to a number of companies, including Bitpanda, eToro and Crypto.com. Revolut has also been granted authorisation in Singapore by the Monetary Authority of Singapore, and in Spain, by the Spanish Central Bank.
Revolut has said that it picked Cyprus after an “in-depth survey of all EU countries,” with the CYSEC chosen due to the country’s “sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus.”
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