A British fintech offering financial and banking services, Revolut continues its expansion into the cryptocurrency market without a hitch. In particular, it has just obtained authorization to offer crypto services in around thirty European countries from its Cypriot subsidiary. The company intends in particular to establish itself permanently within the European Economic Area (EEA) before the entry into force of the MiCA regulations.
An authorization issued to Revolut by (CYSEC)
Last Friday, Revolut announced that it received approval to provide crypto services in the EEA. This notably takes into account the member countries of the European Union as well as Iceland, Liechtenstein and Norway. This clearance follows the application filed with the Cyprus Securities and Exchange Commission (CYSEC). The company thus becomes the first to obtain such authorization from the regulator parallel to the installation of a base in the country. Separately, Revolut claimed that its choice to set up a subsidiary on the island was due to its attractive regulatory regime.
This new headquarters will serve as an operations center to provide crypto services to its 17 million customers in the EEA. Following this new authorization, Revolut wanted to ensure that it will continue to satisfy its British customers. Indeed, the company can offer the latter crypto services in particular thanks to the temporary registration scheme of the Financial Conduct Authority (FCA) of the United Kingdom. Revolut is thus stepping up its efforts to access all European markets before the application of the MiCA regulations. This will notably come into force in 2024 in order to ensure better protection of European users against crimes related to cryptocurrencies.
To carry out its expansion on the European market, Revolut has therefore chosen to multiply the approaches with the various regulators of this economic area. This strategy has already paid off in Singapore, where the British fintech is now planning to get into crypto trading.
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