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Revolut will start offering cryptocurrency services in Cyprus

Fintech company Revolut has received permission from the Cyprus Securities and Exchange Commission (CYSEC) to allow it to offer cryptocurrency services in the European Economic Area (EEA). Reported by CoinDesk.

17 million customers in the EEA will have access to the company’s products.

According to Revolut, judicial choice stems from a deep regulatory regime. The island nation has previously attracted crypto companies such as Crypto.com, eToro, and Bitpanda.

In anticipation of the adoption of the bill on the regulation of cryptocurrencies Mica Crypto firms are trying to establish legal entities in EU countries to guarantee the possibility of providing services in the region.

MiCA aims to provide strong consumer protection and stop fraud, money laundering and other financial crimes in the crypto industry.

Awaiting registration with the UK Financial Conduct Authority, Revolut will continue to serve local customers under a temporary registration regime.

The total number of Revolut users reaches almost 20 million people. The platform offers around 80 crypto assets, of which 20 were added at the beginning of August.

Earlier, the fintech startup announced that it plans to expand its cryptocurrencies roster in the EU, UK and US by 20%.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log

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