The European regulatory bodies released a green signal for the challenger bank Revolut to provide crypto offerings.
Revolut is a UK-based financial tech company. This company provides banking services. Revolut is headquartered in London and was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers accounts featuring currency exchange, debit cards, virtual cards, and interestingly commission-free trade of stock trading, crypto, and commodities.
Recently Revolut received approval from the Cyprus Securities and Exchange Commission (CYSEC) to provide virtual crypto asset services to users.
Indeed this regulatory approval will allow the bank to set up its crypto hub in Cyprus and also services of crypto trading to more than 17 million users under the regulatory framework of MiCA (Markets in Crypto Assets).
The choice of Cyprus as a crypto hub region by the Bank is its past research on Cyprus. According to Bank, Cyprus Securities and Exchange Commission (CYSEC) has a better ability to handle the crypto industry under a precise regulatory regime.
A spokesperson from Revolut explained:
“In establishing a hub for our crypto operations in the EU, we recognize that CYSEC has in-depth knowledge of crypto and its efforts to be a leader in crypto regulation.”
MiCA bill will enter in 2013
The Markets in Crypto Assets (MiCA) is a crypto dedicated agency in the EU, which was established by the European government agencies to design a precise regulatory framework for the crypto industry.
MiCA crypto bill is ready and now there are huge chances that it will be introduced by 2023. The majority of the EU members agreed to follow the crypto regulatory framework designed by MiCA, so it is expected that crypto will be in a much better situation by the next year.