U.K.-based fintech Revolut licensed in Cyprus as provider of crypto-related services.
U.K.-based digital bank Revolut has been authorized by Cyprus to provide cryptocurrency services to millions of customers on the Old Continent. The fintech firm says the regulatory approval will allow it to establish a European crypto hub in the island nation.A leader in the neobank sector, Revolut, has received approval from the Cyprus Securities and Exchange Commission to operate with cryptocurrencies and other digital assets.
With the realization of the crypto hub project, Revolut wants to remain compliant with the new rules the European Union is preparing to introduce for the industry. A representative of the company told the fintech news outlet Altfi that the online bank welcomes the EU-wide regulations and embraces the European Parliament’s intention to support innovation while ensuring strong customer protection preventing market abuse.
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