Revolut to offer crypto services in Cyprus

Revolut, a British financial technology company that specializes in digital banking, this week received approval from the Cyprus Securities and Exchange Commission (CySEC) to offer cryptocurrency and digital asset services.

The company explained that “this move will enable it to transform into a new European cryptocurrency hub, allowing it to provide additional crypto asset services to its 17 million European customers.”

The company has clarified that clients based in the United Kingdom, who form the bulk of Revolut’s customer base, will continue to be serviced by its UK-registered entity.

CySEC’s approval follows the authorization the company has already obtained in other markets, including Spain and Singapore, something that will enable Revolut to expand its sales scope across a number of territories.

CySEC has previously granted licenses to other major players in the fintech and crypto asset industries, including Crypto.com, eToro, CMC Markets and Bitpanda.

According to Revolut, Cyprus was chosen due to its “sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus.”

The new regulatory framework, called Markets in Crypto Assets (MiCA), was officially agreed upon by the European Parliament on June 30, 2022. [Cyprus Mail]