UK fintech Revolut granted crypto licence in Cyprus
Cyprus will become Revolut's European hub in preparation for the EU’s new crypto regulatory framework
UK-based fintech Revolut has been granted crypto authorisation in Cyprus, which will allow the start-up to provide regulated crypto services to its 17 million European customers.
Revolut, which is currently valued at $33bn following a $800m Series E round last year, is in the process of setting up its European hub in preparation for the EU’s new crypto regulatory framework.
It became the first company to be granted cryptoasset authorisation by the Cyprus Securities and Exchange Commission (CySEC) in a bid to help the start-up seek its crypto licence in the UK.
The announcement comes just one week after Revolut announced the launch of 22 new tokens that are available to trade on its mobile app.
Expansion across Europe
A spokesperson for Revolut said in an email that the move will allow its European customers “exposure to an ever-growing list of crypto-assets, other crypto features and to launch new crypto-asset products throughout the entire European Union.”
“We welcome the EU-wide regulation and wholeheartedly embrace the European Parliament’s clear intention to support innovation while requiring strong customer protection measures to prevent any type of market abuse. We are proud to be the first firm to receive this authorisation from CySEC and look forward to working with it on the responsible and safe development of our European crypto services.”
Revolut became one of the first fintech players to allow its users to buy and sell cryptocurrencies via its mobile app in 2017. At the time, it said more than 10,000 customers signed up to test the BETA version of the trading facilities in one week. Revolut currently serves more than 20 million users.
It was granted temporary approval to trade cryptoassets in the UK earlier this year, however, it has not yet been given full regulatory approval in the UK. Revolut was recently granted a crypto authorisation in Spain by the Spanish Central Bank as well as a crypto authorisation in Singapore by the Monetary Authority of Singapore (MAS).