Revolut granted crypto license to Cyprus as UK app drags on
Revolut has secured a crypto-asset license in Cyprus, allowing the UK-based fintech to provide additional regulated crypto services to its 17 million European customers as it continues to pursue a crypto license in its country of origin.
Revolut ramped up its crypto-asset plans this month, adding 22 more crypto tokens to its offering, as well as posting 13 vacancies for crypto-related positions.
The new regulatory approval in Cyprus, first reported by AltFi, will help the company form its European crypto-asset hub. As a member state of the European Union, Cypriot authorization of Revolut will fall under the European regulatory framework for crypto-assets.
A Revolut spokesperson said: “We welcome the EU-wide regulation and wholeheartedly endorse the European Parliament’s clear intention to support innovation while demanding strong customer protection measures. to prevent any type of market abuse”.
Revolut said it has become the first company to obtain crypto-asset authorization from the Cyprus Securities and Exchange Commission (CYSEC).
“This new entity will allow Revolut to continue to offer its EEA-based customers exposure to an ever-growing list of crypto-assets, other crypto features, and allow us to launch new crypto-asset products. throughout the European Union.”
The EU approved its landmark regulatory framework for crypto-assets in July, marking the first major institutional legal structure specifically for the governance of crypto-assets.
The UK does not have such a regulatory system. However, the UK Financial Conduct Authority (FCA) still has limited jurisdiction over crypto under anti-money laundering laws.
Revolut obtained temporary permission to trade crypto-assets in the UK with 11 other companies in March. Despite its efforts, the fintech unicorn has not received full regulatory approval in the UK and remains the only company still in the market. temporary register.