Revolut’s 17 million European clients may now use crypto services
After declaring ambitions to expand its cryptocurrency workforce to include European staff, the challenger bank Revolut has acquired regulatory authorisation to provide crypto services to millions of its European customers.
The Cyprus Securities and Exchange Commission (CYSEC) has appointed the United Kingdom-based neo banking platform Revolut as its crypto-asset service provider (CASP), the bank said on August 12, as reported by CoinDesk.
According to a report by AltFi, a spokeswoman for Revolut said Cyprus was chosen as the hub’s location after an “in-depth examination of all EU nations.”
In addition, CYSEC stood out because of its “advanced and rigorous regulatory environment, as well as the robustness of the current crypto business in Cyprus.” As the representative explained:
“In creating a base for our crypto activities in the EU, we acknowledge CYSEC’s expertise in crypto and its commitment to be a pioneer in crypto regulation.”
Conforming to EU crypto regulations
The MiCA bill is scheduled to become law in 2023 and be fully implemented throughout the EU by 2024. The representative for Revolut complimented these crypto guidelines.
As reported by Finbold in early August, Revolut plans to boost its crypto staff by 20% over the next six months, including personnel across Europe, the United Kingdom, and the United States. The company has posted job listings for 13 crypto-related positions.
Simultaneously, the bank said that, less than one month after opening its crypto educational platform, 1.5 million customers from at least 32 countries had finished its course.