Revolut, the British fintech company that offers banking services, has recently received regulatory authorization from the Cyprus Securities and Exchange Commission (CYSEC) to offer its 18 million user base crypto services in the European Economic Area (EEA).
Media reports suggest that the seven-year-old European banking company chose Cyprus for its sophisticated regulatory regime of the island country, which has also attracted the likes of Crypto.com, eToro, and Bitpanda.
The CYSEC reveals its fintech objectives on its website: “As we move to a digital and online society, the use of fintech apps is exploding. Fintech enterprises are innovating new offerings for consumers, and financial institutions are partnering with them to accelerate digital asset management strategies.
“Cloud adoption for the financial sector is not plain sailing, however. Stringent regulations governing data protection need to be complied with, and guarantees that data in all its states – particularly in use – must be found,” the CYSEC stated.
Focus on Blockchain Education and Crypto
In order to encourage cryptocurrency education, Revolut started rewarding users up to $15 to “learn and earn” by passing the course and final exam. The company has been addressing questions like “what is blockchain” and “what is bonding?” on Twitter.
Revolut recently partnered with the Polkadot network to advance cryptocurrency. In a tweet, the company’s Twitter handle explained the benefits of Polkadot. “Polkadot helps to solve many limitations of blockchain technology and allows various different blockchains to communicate and process transactions at the same time,” stated Revolut.
On the Flipside
Meanwhile, Revolut’s 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 (TRR), according to media reports.
Why You Should Care
In light of Revolut receiving regulatory approval for crypto services, Patrick Hansen, the crypto venture advisor at Presight Capital, tweeted, “Cyprus is increasingly becoming an EU hub for global crypto companies.”