Revolut, has received approval from the Cyprus Securities and Exchange Commission (CySEC) to operate with cryptocurrencies and other digital assets. The company plans to establish a cryptocurrency hub on the island that will allow it to offer additional services to its 17 million European customers under the EU’s upcoming regulations. CySEC’s approval comes after Revolut obtained similar authorizations in other markets, such as Spain and Singapore, the Cyprus Mail noted in a report. These licenses will enable the London-headquartered fintech to expand its sales in several jurisdictions. The platform will continue to serve its British clients, who form the bulk of its customer base, through its U.K.-registered entity.
The comments come after the EU Parliament agreed with the other key participants in the 27-member bloc’s legislative process, the Commission, and the Council, on the draft of a groundbreaking package called Markets in Crypto Assets (MiCA). The Commission has already licensed other major players in the fintech and crypto asset space such as Crypto.com, Etoro, CMC markets, and Bitpanda, the English-language daily remarked. Before picking Cyprus, Revolut conducted extensive research, comparing all EU countries, the company revealed, citing Cyprus’s “sophisticated and robust regulatory regime” as well as the strength of its existing crypto industry as major factors for its choice.