European digital bank Revolut has been authorized by the Cyprus Securities and Exchange Commission (CYSEC) allowing it to offer crypto services across the European Economic Area (EEA).
Cryptocurrency exchanges are frequently on the agenda with the regulatory approval they have received. Today, we saw Binance and Gate.io getting approval to expand their operations in different countries. Now, Revolut has been approved to offer crypto services in Cyprus.
Revolut to Provide Services to 17 Million Customers from Cyprus
Revolut, worth $33 billion, has been approved by Cyprus and is the first organization to be awarded a crypto asset service provider (CASP) from CYSEC.
Revolut will provide services to its 17 million customers in the EEA (European Economic Area) from a new crypto hub in Cyprus. Revolut said the reason he chose the island nation was due to regulations that also attracted companies like Crypto.com, eToro and Bitpanda.
Revolut also confirmed that it will continue to serve UK customers from its UK-based entity. Its registration application with the UK Financial Conduct Authority (FCA) is still pending and the firm is able to offer crypto services there through the FCA’s Temporary Registration Regime (TRR).
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