London-based financial technology Revolut received approval from the Cyprus Securities and Exchange Commission to provide cryptocurrency services in the European Economic Area (EEA).
The regulator awarded Revolut the status of a crypto-asset service provider. It’s the first such license granted by them. With the approval, the $33 billion-valued company can offer crypto services to its customers. According to the news provider AltFi, Revolut said they picked Cyprus after a detailed survey of all the European Union countries. Their choice was based on the sophisticated and robust regulatory regime in Cyprus and the strength of the existing crypto industry there.
Revolut will continue to offer crypto services in the UK. The firm has got approvals from Spain, and Singapore previously.
At the beginning of this month, Revolut announced expanding its staff, posting job announcements for 13 crypto-focused positions, including software engineers and legal experts. This year, Revolut has already hired 43 crypto specialists.