Per a report from Atlfi, fintech company Revolut will be able to offer more crypto products to its customers. The one-stop app for “all things money” has been granted authorization to offer crypto products by the Cyprus’ Securities and Exchange Commission (CYSEC).
According to the report, this authorization from the Cyprus regulators comes at the heels of a crypto authorization granted by Spanish and Singapore authorities. Thus, Revolut seems to be positioned to expand by targeting more clients with their new crypto services.
The company already serves over 17 million clients in the European Union and the United Kingdom. A spokesperson for Revolut told Altfi the following about the upcoming new crypto regulations in the European Union:
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.
As Bitcoinist reported, the EU adopted a “Digital Financial Package” in 2020 to address cryptocurrencies. Since then, lawmakers in the region have been working on the Regulation on Markets in Crypto Assets (MiCA), a new set of legislation set to come into effect as laws in 2024.
The spokesperson claims that the Cyprus’ regulator will become a leader in the region due to its approach to digital assets. The Commission has granted authorization to some of the biggest names in the space including Crypto.com, eToro, Bitpanda, and others.
The spokesperson also told the media outlet that they considered many other EU countries to launch their crypto platform, but Cyprus was chosen due to its:
(…) sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus.
Revolut Makes Aggressive Push Into Crypto Sector
In addition to getting authorization from top European regulators, Revolut has been expanding its crypto offering and bringing in new talent from the sector. Over the past weeks, the platform provided access to 22 new digital assets to their clients in the United Kingdom.
Despite the downside trend across the crypto industry, the company remains bullish on its long-term success. In a separate report, Emil Urmanshin, Crypto General Manager at Revolut, acknowledged the risk of trading with digital assets, but called 2022 “another big year of crypto”.
Thus, the company is making efforts to grow its digital asset services and products in the coming months, Revolut will grow its crypto division by 20% with experts, compliance professionals, and a legal department.
This year alone, the platform brought in over 43 members for its crypto division and plans to double down on its best. Urmanshin added:
So far this year we have hired several hundred staff across various teams in London and many more globally. We want to grow our crypto team by 20% in the next six months. We see crypto as a long-term play and remain bullish on the crypto industry.