Digital Assets: Revolut Bags Crypto License In Cyprus

August 18, 2022 | Digital Assets, News
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The Cyprus Securities and Exchange Commission (CYSEC) go-ahead enables Revolut to establish a crypto hub on the island.

UK digital bank Revolut will now be able to offer additional and regulated crypto services to its 17 million customers in Europe. The bank seeks an opportunity in the potential compliance required in upcoming EU regulations, and the Cyprus hub will enable it to support digital asset innovation, offer strong customer protection, and expand its crypto business. (Bitcoin.com)

“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 to AltFi. “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.”

Revolut won the Crypto-Asset Service Provider (CASP) license from CySEC. CySEC is known to be a highly crypto-friendly jurisdiction, and doubtless Revolut took advantage of this to establish a digital asset base in the country.

The digital bank itself has been a big votary of crypto. Earlier this month, despite the so-called “crypto winter” signifying the deep bear market in digital assets, it expanded its list of tradeable crypto tokens to 82 by adding 22 new tokens including ApeCoin, Request, Sandbox, and Ethereum Classic.

It revealed that crypto token trading is becoming more popular with its customers. The company said this year, the number of British customers buying cryptoassets grew by 6%, and the number of crypto transactions surged by 20%.

GlobalBlock crypto analyst Marcus Sotiriou has said: “Revolut is attempting to capitalise on the collapse of other crypto businesses, and therefore acquire a bigger market share.”

In another contrarian move, Revolut has chosen to beef up its crypto-specific headcount by 20% across Europe, the UK and US over the next six months, in a bearish market hallmarked by layoffs and failures at many crypto players. In fact since July 2021, Revolut has already tripled the size of its crypto team.

“We see crypto as a long-term play and remain bullish on the crypto industry,” Emil Urmanshin, Revolut’s crypto general manager told Bloomberg.

Related Story: Revolut Expands Its UK Crypto List, Adds 22 New Cryptos

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