The authorization will let the firm, which was valued at $33 billion in a recent funding round, offer crypto services to its 17 million customers in the European Economic Area. European digital bank Revolut has been granted authorization by the Cyprus Securities and Exchange Commission (CYSEC) allowing it to offer crypto services across the European Economic Area (EEA).
CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.
The European Economic Area (EEA) includes the 27 countries that are in the European Union, plus Iceland, Liechtenstein and Norway.
Revolut, which is valued at $33 billion, became the first entity to receive approval as a crypto-asset service provider from the Cyprus regulator, the company said on Friday.
The authorization will enable Revolut to offer crypto services to its 17 million customers in the EEA out of a new crypto-asset hub in Cyprus.
Revolut said its choice was down to the sophisticated regulatory regime of the island country which has also attracted the likes of Crypto.com, eToro and BitPanda.
Crypto firms are attempting to establish regulated entities in EU countries to ensure that they will be able to offer services across the economic bloc, ahead of the EU’s Markets in Crypto-Assets regulation, or MiCA.
MiCA is designed to provide great consumer protection and stamp out scams, money laundering and other financial crime in the crypto industry.
With 17 million customers already across the EEA, Revolut is looking to ensure it will be able to offer them crypto services once MiCA becomes law.
Revolut also confirmed that it will continue to serve U.K. customers from its U.K.-based entity. Its registration application with the U.K. Financial Conduct Authority (FCA) remains unresolved, with the firm able to offer crypto services there via the FCA’s Temporary Registration Regime.
The firm has about 20 million customers worldwide and now offers exposure to around 80 crypto assets.