Digital bank will offer services throughout Europe
Revolution has been granted the authority to offer crypto services across the European Economic Area by the crypto regulator Cyprus Securities and Exchange Commission. Making Revolut the first crypto asset service provider to receive approval from the Crypto regulator.
This means that 27 countries included in the EEA will be able to gain services from Revolut. These countries include Iceland , Liechtenstein and Norway.
At a $33bn valuation company Revolut is no stranger to financial success. This authorization will enable the company to provide its services to more than 17 million people from a new crypto-asset hub in Cyprus. Revolut cited the sophisticated regulatory regime of Cyprus as the main draw and stated other companies such as Crypto.com.eToro, and BitPanda all felt the same way about the area.
Regulated entities in EU countries are important as many crypto firms are attempting to establish well-regulated entities in the areas. Most crypto companies are trying to get established before the MiCA or Markets in Crypto-Assets regulations. The MiCA was set up to ensure protection of consumers from scams , to aid in the halt of money launderings and other financially based crimes in crypto, and to provide a stable, fair trading ground for everyone.
Revolut would like to be able to provide their services before MiCA comes into law and has confirmed that services in the U.K will continue as usual even though the registration with the U.K Financial Conduct Authroity (FCA) has not been resolved.
Revolut has 20 million customers internationally and offers 80 different assets.
