Revolut, the fintech company, has received approval from the Cyprus Securities and Exchange Commission that will allow it to offer cryptocurrency services in the European Economic Area (EEA). CoinDesk reports.
Access to the company’s products will be available to 17 million customers in the EEA.
According to Revolut representatives, the choice of jurisdiction reflects a rigorous regulatory regime. Previously the island nation attracted crypto firms such as Crypto.com, eToro and Bitpanda.
In the run-up to the regulation bill for cryptocurrencies, MiCA crypto firms are seeking to establish legal entities in EU countries to ensure the ability to provide services in the region.
MiCA is designed to provide robust consumer protection and to curb fraud, money laundering and other financial crimes in the crypto industry.
While awaiting registration with the UK’s Financial Conduct Authority (FCA), Revolut will continue to serve local customers under the temporary registration regime.
The total number of Revolut users now stands at nearly 20 million. The platform offers around 80 crypto assets, more than 20 of which were added in early August.
Earlier the fintech startup announced plans to expand its crypto staff by 20%, operating in the EU, the UK and the US.
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