By Daniel Lanyon on Friday 12 August 2022
Revolut has been doubling-down on its crypto strategy of late, with the launch of 22 new tokens available to trade in its app, a hiring spree for crypto talent and ‘education courses’ for its millions of customers.
Revolut has been awarded the first crypto authorisation from the Cyprus Securities and Exchange Commission, which will form a new European crypto-asset hub to provide additional crypto services to its 17 million European customers.
The neobanking platform-come ‘super app’ is setting up its European hub as the EU’s new crypto regulatory rules MiCA come into force but is continuing to pursue a licence in the UK from the Financial Conduct authority, AltFi understands.
The new entity will allow Revolut to continue to offer its 17 million customers based in the European Economic Area exposure to crypto-assets.
UK customers, which make up the bulk of Revolut’s total 20 million global customers, will still be served by its operations in London and its UK corporate entity.
Just last week Revolut also announced that it was doubling-down on its crypto strategy with the launch of 22 new tokens available to trade in its app and it was revealed the company is on a hiring spree for crypto talent. It also has been seeking to help would-be crypto customers with free ‘education courses’ that offer free tokens in exchange for completing.
“We welcome the EU-wide regulation and wholeheartedly embrace the European Parliament’s clear intention to support innovation whilst requiring strong customer protection measures to prevent any type of market abuse, '' a spokesperson for Revolut said.
“In establishing a hub for our crypto operations in the EU, we recognise that CYSEC has in-depth knowledge of crypto and its efforts to be a leader in crypto regulation.
Cyprus is home to a number of other large international crypto companies regulated in the same manner including Crypto.com, Bitpanda, eToro and CMC markets.
Revolut says it picked Cyprus after an “in-depth survey of all EU countries”, with CYSEC chosen due to the country’s “sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus”.
Revolut was also recently granted a crypto authorisation in Spain by the Spanish Central Bank and a crypto licence in Singapore by the Monetary Authority of Singapore.