Revolut Receives Regulatory Approval to Offer Crypto Services

The European banking company chose Cyprus for its “sophisticated regulatory regime.”

Revolut Receives Regulatory Approval For Crypto Services

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.

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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.  

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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.” 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Akriti Seth

Akriti is a Zurich-based reporter, focused on the political, regulatory, and legislative developments around crypto. She is a business journalist with over six years of experience working as a correspondent for organizations like Channel NewsAsia and Bloomberg TV India. In that time, Akriti has covered news in the finance, pharma, and state sectors.