Revolut most recently acquired a breakout authorisation that will enable it to fulfil its cryptocurrency ambitions.
Recent sources state that Revolut has obtained a licence allowing it to provide cryptocurrencies to its roughly 17 million users in the European Economic Area. Cyprus Securities and Exchange Commission granted the organisation a licence as a Crypto-Asset Service Provider (CASP) (CSEC).
The first organisation to be granted a CASP operating licence by the CSEC is the neobank. This approval will also enable the digital bank's plans to establish a crypto hub in the middle of Europe come to fruition. In summary, Revolut's choice to apply for the operating licence from CSEC was motivated by Cyprus' pro-crypto stance.
Revolut's ultimate goal is to provide its customers cryptocurrency, and acquiring a CASP licence is simply one step in that direction. The bank requested European regulatory approval in order to be able to serve the coalition of nations when MiCA is established as it anticipated the Markets in Crypto Assets (MiCA) bill becoming law.
Revolut also requested UK regulatory approval for cryptocurrencies, but its efforts were not entirely successful. The UK's Financial Conduct Authority only gave the bank a provisional permission (FCA). Revolut's founder and CEO, Nikolay Storonsky, blasted the FCA's "sluggish regulation procedure" in June.
Revolut has over 3 million UK customers, which is noteworthy. The fintech startup is concerned with providing these individuals with complete and controlled crypto exposure. To fully integrate cryptocurrency into its services for clients, Revolut has been working nonstop. The company recently disclosed ambitions to expand its crypto staff by 20% over the course of six months.
Revolut also said on August 3 that it had added 22 more tokens to its cryptocurrency offering. Customers from the UK and EEA will be able to access the assets. DASH, AVAX, GALA, REQ, and a plethora of additional assets are just a few of the assets.
