May 21, 2024

Revolut will start providing crypto-currency services in Cyprus

Revolut will start providing crypto-currency services in Cyprus

Fintech company Revolut receives approvalCyprus Securities and Exchange Commission (CYSEC), which will allow it to offer cryptocurrency services in the European Economic Area (EEA). It is reported by CoinDesk.

17 million customers in the EEA will have access to the company's products. 

According to Revolut, the choice of jurisdiction is due to a deep regulatory regime. The island nation has previously attracted crypto companies such as, eToro and Bitpanda.

Ahead of the adoption of the MiCA Cryptocurrency Regulation Bill, crypto firms are trying to set up legal entities in EU countries to ensure that services can be provided in the region.

MiCA aims to provide strong consumer protection and stop fraud, money laundering and other financial crimes in the crypto industry.

Pending registration with the UK Financial Conduct Authority, Revolut will continue to serve local customers under a temporary registration regime.

The total number of Revolut users reaches almost 20 million people. The platform offers about 80 crypto assets, more than 20 of which were added in early August.

Previously, the fintech startup announced plans to expand its staff working on cryptocurrency in the EU, UK and US by 20%.

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