- Revolut receives permission to provide cryptocurrency services within the European Economic Area.
- The tech company has 17 million clients in the European Economic Area.
- Moreover, Revolut has added 22 crypto tokens to its platform and has increased its staff by 20%.
The Cyprus Securities and Exchange Commission (CYSEC) has given the European digital bank Revolut permission to provide cryptocurrency services within the European Economic Area. This authorization will enable Revolut to operate legally across the European Economic Area (EEA).
💥BREAKING: Revolut gets approval to offer #Bitcoin and crypto in the European Economic Area.
Revolut has 17m customers in the EEA! 🚀
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) August 15, 2022
According to a spokesperson for Revolut, the company embraces the regulation that applies across the entire EU and wholeheartedly embraces the agenda of the European Parliament to support innovation while simultaneously requesting strong client safety measures to avoid any kind of financial fraud.
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.
They added: “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.”
Revolut now has 17 million clients in the EEA, and the company is working to guarantee that it will be allowed to provide cryptocurrency services to these consumers once the Markets in Crypto-Assets Act (MiCA) becomes law.
Within the cryptocurrency business, fraud, money laundering, and other types of illegal financial activity are widespread problems that need to be addressed. MiCA was created to combat these problems.
This month, the company has been cranking up its plans for cryptocurrencies. It has added an additional 22 crypto tokens to its offering, and it has just recently announced that it is going on a hiring spree increasing its staff by twenty percent. This comes at a time when the cryptocurrency industry has been hit with massive layoffs as startup funding has slowed down.