The Cyprus Securities and Exchange Commission (CySEC) has authorized Revolut to launch its cryptocurrency service. The authorization will allow the neo bank to offer crypto services to its 17 million customers in the European Economic Area. Revolut is betting strongly on crypto and has been doubling down on its crypto strategy with the launch of 22 new tokens available to trade in its app. Revolut is valued at $33 billion and has approximately 20 million clients worldwide.
According to AltFi, Revolut says it picked Cyprus to become the home of its European crypto hub 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 authorization in Spain by the Bank of Spain and a crypto license in Singapore by the Monetary Authority of Singapore (MAS).
Cyprus is home to several other large international crypto companies regulated by CySEC, including Crypto.com, Bitpanda, eToro, and CMC Markets.
