Revolut News: Bank approved to offer crypto in EEA
The Cyprus Securities and Exchange Commission (CYSEC) has given digital banking firm Revolut permission to offer cryptocurrency services throughout the European Economic Area (EEA).
A fresh report claims that Revolut has been granted cryptocurrency-asset service provider (CASP) status by the island nation's governing body. The company has been on a hiring binge lately, despite the sluggish economy.
Acceptance of crypto in Cyprus
The new license will allow the business to serve its 17 million European Economic Area customers from its newly established crypto center in Cyprus. After looking into various EU nations, Revolut ultimately decided on Cyprus as its base of operations.
Famous exchanges including eToro, Crypto.Com, CMC Markets, and Bitpanda all call the country home. The app's representative said that the latest action was due to the sophisticated and tough regulatory regime of the CYSEC agency. He added also that "We heartily accept the European Parliament's clear goal to foster innovation while mandating robust customer protection safeguards to avoid any form of market abuse, and we applaud the new EU-wide law.
Revolut has obtained a license from the Central Bank of Spain and the Monetary Authority of Singapore, in addition to Cyprus (MAS). Over the next six months, the British fintech firm plans to increase the number of employees by 20% across the United Kingdom, the United States, and Europe. In previous Revolute news, the company has hired an additional 43 people so far this year.
After over two years of debate, the Markets in Crypto Assets (MiCA) framework will be implemented by the end of 2023. It's a key component of the European Union's plan for the future of digital money.
To this end, MiCA seeks to establish a solid legal framework for the digital assets under its purview that have been excluded from the scope of existing financial services legislation in order to guarantee legal certainty.
It will aim to safeguard market players from the dangers connected with digital assets while also encouraging innovation and level playing fields. In addition, it will deal with threats to economic security.
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