The license will allow the company, recently valued at $33 billion, to offer cryptocurrency services to its 17 million customers in the European Economic Area.
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European digital bank Revolut has received a license from the Cyprus Securities and Exchange Commission (CYSEC), allowing it to offer cryptocurrency services across the European Economic Area (EEA).
The EEA includes 27 countries that are part of the European Union, plus Iceland, Liechtenstein and Norway.
Revolut explained that the choice of the island was motivated by its elaborate regulatory regime. It has also attracted companies such as Crypto.com, eToro and BitPanda.
The new regulatory framework, called Markets in Crypto Assets (MiCA), was officially approved by the European Parliament on June 30, 2022.
The Cypriot licence requires the firm to adhere to strict financial standards under MiFID II, including the segregation and safeguarding of client funds, full transparency of its business operations and capital adequacy checks.
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“We welcome EU-wide regulation and fully support the European Parliament’s clear intention to support innovation while requiring strong customer protection measures to prevent any type of market abuse,” a Revolut spokesperson said.
“By establishing a hub for our crypto operations in the EU, we recognize CYSEC’s deep knowledge of crypto and its efforts to be a leader in crypto regulation.”
Revolut also recently obtained a crypto authorization in Spain by the Spanish Central Bank and a crypto license in Singapore by the Monetary Authority of Singapore.
Meanwhile, the world’s largest cryptocurrency exchange by volume, Binance, has also managed to secure registration in France, Italy and Spain over the past month.
