thecoinrepublic.com
- Revolut licensed fintech and crypto asset giants like CMC markets, Bitpanda, Etoro, and Crypto.com.
- Revolut to set up its workplaces in Spain and Singapore.
Revolut, a leader in the neobank sector, received permission from CySEC(Cyprus Securities and Exchange Commission) to function with cryptocurrencies and other digital assets. The company plans to set up a cryptocurrency hub on the island that will allow it to offer additional services to approximately 17000k European customers under the EU’s forthcoming regulation.
Cyprus Securities and Exchange Commission (CySEC) granted a permit to Revolut after the company gained approval in several different markets like Spain and Singapore; news of the same was revealed in a report by official mail of Revolut. These licences will allow London- headquartered fintech to expand its sales in several jurisdictions. The ecosystem will carry on to facilitate its British clients as its major customer base through its U.K- registered entity.
With the Crypto Hub project coming to fruition, Revolut wants to comply with new regulations that the European Union is preparing to introduce for the industry. A company representative told fintech news that online banks welcomed EU-wide regulation and the European Parliament’s intention to support innovation while assuring strong customer protections to stop market abuse.
The statement was out in the media after European Parliament consented with the other prime participants in 27 members bloc’s legislative process, the commission, and the council, on the draft of a ground-breaking package anointed Markets in Crypto Assets(MiCA). The legislation will give the provider of crypto-related services a “passport” to serve customers across the union under a single regulatory framework.
A media representative of Revolut mentioned in his statement, “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.”
A daily English news outlet highlighted in their report that CySEC had already approved licensing applications for other prominent finance and crypto assets giants, such as CMC markets, Bitpanda, Etoro, and Crypto.com.
CySec warned its citizens to enter transactions involving contracts for difference, cryptocurrency, and forex trading from any unlicensed trading platform. The commission took similar action in 2019 when they went ahead and banned the unregistered trading platforms.