Revolut gets approval to offer crypto services

The license will allow the company, which was recently valued at $33 billion, to offer cryptocurrency services to its 17 million customers in the European Economic Area.

Read also: Revolut Junior has been rebranded to Revolut <18

European digital bank Revolut has received a license from the Cyprus Securities and Exchange Commission (CYSEC), allowing it to offer cryptocurrency services throughout the European Economic Area (EEA).

The EEA includes 27 countries that are part of the European Union, as well as Iceland, Liechtenstein and Norway.

Revolut said the island country’s elaborate regulatory regime was behind its choice. It also attracted companies like Crypto.com, eToro and BitPanda.

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

The Cypriot licensing requires the firm to adhere to strict financial standards under the MiFID II framework, including the segregation and protection of client funds, full transparency of its business operations and capital adequacy controls.

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“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,” a spokesperson for Revolut said.

“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.”

Revolut was also recently granted a crypto authorisation in Spain by the Spanish Central Bank and a crypto licence in Singapore by the Monetary Authority of Singapore.

Meanwhile, the world’s largest cryptocurrency exchange by volume, Binance , also managed to gain registration in France, Italy and Spain over the past month.