Revolut has been granted approval to operate across the European Economic Area (EEA) by the Cyprus Securities and Exchange Commission (CYSEC).
The $33bn-valued bank can now offer its services to its 17 million customers in the EEA from a new crypto-asset hub in Crypus, becoming the first entity to be regulated as a crypto-asset service provider by CYSEC, it said on August 12.
Several crypto firms are setting their sights on establishing regulated entities in EU countries ahead of the European Union’s Markets in Crypto-Assets regulation (MiCA).
Revolut has roughly 20 million customers worldwide, offering exposure to an estimated 80 crypto assets. Alongside expanding across the EEA, the digital bank will continue to serve UK customers from its UK-based entity.
Currently, the bank’s registration application with the UK Financial Conduct Authority (FCA) is yet to be resolved and the firm is offering crypto services under the FCA's Temporary Registration Regime (TRR).