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Revolut Received Approval to Provide Crypto Services Across Europe

Revolut Received Approval to Provide Crypto Services Across Europe

Another digital bank is expanding its services to allow its customers to buy, sell or keep crypto. 

Revolut, a UK-based financial technology company offering banking services established in 2018, has received Cyprus Securities and Exchange Commission’s (CYSEC) approval to provide crypto services

According to the news report shared by alt.fi, the newly launched crypto hub will allow Revolut to provide its services to countries across the European Economic Area (EEA).

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The report notes that Revolut has 17 million customers across the EEA, which includes 27 countries in the European Union as well as Norway, Iceland, and Liechtenstein

Based on the news report, this is the first time the Cyprus regulator has given authorization for any company to function as a crypto-asset service provider. Revolut highlights that Cyprus was chosen after an in-depth analysis of European countries. The company decided that Cyprus is a great fit due to its strong crypto industry and sophisticated regulatory regime.

We welcome the EU-wide regulation and wholeheartedly embrace the European Parliament’s clear intention to support innovation whilst requiring strong customer protection measures to prevent any type of market abuse. In establishing a hub for our crypto operations in the EU, we recognize that CYSEC has in-depth knowledge of crypto and its efforts to be a leader in crypto regulation.

The island country is home to crypto exchanges, such as Crypto.com, eToro, CMC markets, and Bitpanda

Revolut notes that its British customers will continue to be served from the headquarters in London. Revolut has sent a registration request to UK’s Financial Conduct Authority (FCA), however, is yet to receive an answer. So far, the digital banking company provides its services to Britains through the FCA's Temporary Registration Regime

Revolut is actively expanding its list of supported crypto assets. At the beginning of August, Revolut added 20 crypto assets, including SAND, APE, and AVAX. In total, the company currently supports 80 crypto assets. 

In other news, the Brazilian payment and wallet app has recently announced the launch of its crypto exchange. This feature will allow users to buy, sell or store Bitcoin (BTC), Ethereum (ETH), and Paxos U.S. Dollar-backed stablecoin (USDP). 

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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