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Revolut gets regulatory approval to offer crypto services to its 17 million European customers

Revolut gets regulatory approval to offer crypto services to its 17 million European customers

After announcing plans to grow its cryptocurrency workforce with, among others, employees in Europe, challenger bank Revolut has received regulatory approval to offer crypto services to millions of its users in Europe.

Indeed, the Cyprus Securities and Exchange Commission (CYSEC) has made the United Kingdom-based neobanking platform Revolut its crypto-asset service provider (CASP), the bank said on August 12, CoinDesk reported.

This way, the bank can now set up its European hub in Cyprus and offer additional crypto services, and exposure to crypto assets like Bitcoin (BTC) to its 17 million customers in the European Economic Area (EEA) after the Markets in Crypto Assets (MiCA) bill is enforced.

Why Cyprus?

Commenting on the development, Revolut’s spokesperson stressed that Cyprus was picked as the hub’s destination after an “in-depth survey of all EU countries,” according to a report by AltFi.

In addition, CYSEC stood out due to the “sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus.” As the spokesperson explained:

“In establishing a hub for our crypto operations in the EU, we recognize that CYSEC has in-depth knowledge of crypto and its efforts to be a leader in crypto regulation.”

Adjusting to the EU crypto rules

The MiCA bill is slated to become law in 2023 and come into full effect throughout the EU by 2024. Revolut’s spokesperson praised these crypto rules, stating that:

“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.”

Revolut’s continuous crypto-focused growth

Meanwhile, Revolut is planning to increase its crypto workforce by 20%, with employees in Europe, the United Kingdom, and the United States over the next six months, listing job ads for 13 crypto-related roles, as Finbold reported in early August.

At the same time, the bank announced that 1.5 million users have completed its crypto educational platform course barely a month after launching, with learners joining from at least 32 countries around the world.

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