As crypto regulations become a little clear, we can see that getting licenses for operations is also becoming easier. Just a while back, Binance got a temporary license (soon to be converted to permanent) to offer services in Kazakhstan. And now UK’s digital bank Revolut gets a crypto license to operate in Cyprus. They will be offering their services to millions of users on the island.
Revolut gets crypto license to operate in Cyprus
Revolut is one of the largest neobank in the UK and is well-known globally. So, them getting approval to operate in Cyprus is a big deal. The SEC of the island or CySEC has permitted their plans to make a crypto hub in Cyprus and offer their services to 17 million customers. More importantly, it is positive because a bank offering crypto services is much safer compared to an exchange.
It can also be the reason that Revolut was able to get crypto licenses in Spain and Singapore as well. They are expanding quite rapidly and still have a large user base in their base location, that is, the UK.
Revolut seems to be keeping a regulation-first approach and wants to comply with all the new rules the EU is soon going to introduce. This will make it easy for them to serve countries in the European nation and not stick out as a sore thumb for the authorities. A spokesperson from the company also said the same thing about regulations and that they appreciate that the authorities are promoting innovation and customer protection.
Another benefit of being well-versed and aligned with the EU regulations is the fact that they have a common regulatory framework. So, Revolut can serve all nations in the EU by following a single set of rules and laws.
Revolut is based in the UK and is a financial tech company that offers banking services and now crypto trading options as well. It was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko and is now one of the leading neobanks in the United Kingdom. They are valued at over $4 billion and are expanding quite rapidly in different jurisdictions.
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