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 expands into the European Economic Area
The crypto winter will not leave the same types of memories among companies in the sector. Some will keep the consequences, others will remember this year as that of their development in different fields.
Revolut seems to be in the list of companies that are achieving key wins for their growth, despite the current gloomy environment. The banking platform has indeed obtained the green light from the Cyprus Securities and Exchange Commission, to offer its crypto services to the entire European Economic Area.
The company had already won other regulatory victories in the European Union. Revolut recently obtained regulatory approval for cryptocurrencies from the Spanish Central Bank.
A Regulatory Shelter for Crypto Businesses
In terms of numbers, Revolut will now be able to offer, or rather continue to offer, its crypto services to its 17 million customers in the region. In view of this good news, the company will therefore have been right to choose Cyprus, rather than other countries of the European Union, which it had moreover previously studied.
Cyprus is also home to many renowned crypto companies, such as Crypto.com or Bitpanda.
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A crypto regulation for the European Union
Revolut can therefore show its credentials to all its current and potential customers in the European Economic Area, while the European Union is expected to see the implementation of the MiCA framework, the new law on crypto-asset markets, towards the end. next year.
A spokesperson for the company refers to Revolut’s adherence to “the clear intention of the European Parliament to support innovation”, in addition to requiring “strong customer protection measures”.
Europe is a lucrative market to conquer for companies like Revolut, which offer crypto services, and for other industry giants like Coinbase, which has been able to speak the same language as the Italian regulator.
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