Expansion – Revolut will be able to offer its crypto services to its millions of customers in Europe, thanks to a new regulatory success in Cyprus.
Revolut is expanding to the European Economic Area
Crypto winter won’t leave the same kinds of memories among companies in the sector. Some will keep the consequences, others will remember this year as the year of their development in different areas.
Revolut appears to be on the list of companies scoring key wins for their growth, despite the current gloomy environment. The banking platform has indeed received the green light from the Cyprus Securities and Exchange Commission to offer its crypto services for the entire European Economic Area.
The company has already achieved other regulatory victories in the European Union. Revolut recently received regulatory approval for cryptocurrencies from the Spanish central bank.
Regulatory shelter for crypto businesses
In terms of numbers, Revolut will now be able to offer, or continue to offer, its crypto services to its own 17 million customers in the region. Given this good news, the company will therefore be right to choose Cyprus, rather than other European Union countries, which it had previously studied.
Cyprus is also home to many renowned crypto companies, such as Crypto.com or Bitpanda.
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Crypto regulation for the European Union
Revolut can therefore show its credentials to all its current and potential clients in the European Economic Area, while the European Union is expected to implement the MiCA framework, a new law on crypto-asset markets, by the end of next year.
A company spokesperson says that Revolut respects “the European Parliament’s clear intention to support innovation”, in addition to requiring “strong customer protection measures”.
Europe is a lucrative market to conquer for companies like Revolut, which offers crypto services, and for other industry giants like Coinbase, which could speak the same language as the Italian regulator.
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