The Revolut neobank has just obtained the approval of the Cyprus Securities and Exchange Commission (CySEC) and confirms its intention to comply with current and future European regulations.
Revolut approved with CYSEC
revolutionthe British neobank that is going from strength to strength, has just got the go-ahead from the Cyprus Securities and Exchange Commission (CySEC) to offer its services dedicated to cryptocurrencies within theEuropean Economic Area (EEA).
This news comes after the fintech announced an increase in the order of 20% of your staff operating in your branch dedicated to cryptocurrencies earlier this month.
revolution now valued at over $33 billionit is now backed by the Cypriot body in charge of stock market regulation and financial market supervision.
Additional security guarantee for your 17 million European customersCySEC approval requires a segregated account for the organization requesting it, in order to ensure that your the capital is separated from the funds committed by the traders.
It thus joins several companies that offer services related to cryptocurrencies such as the European branch of FTX, Crypto.com, Bitpanda or eToro.
The neobank explains that it chose Cyprus after an in-depth study of the European Unionrecognizing the the country’s sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus “.
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One step ahead of future regulation to come
The year 2022 is a crucial year for regulation in the European market : the MiCA regulation project advance and your publication is planned for early 2023 after its approval in plenary session. We had interviewed Faustine Fleuret, president of theADAM, about this in early July.
The MiCA project will serve in particular to define the scope of companies offering cryptocurrenciesand that is why the latter are already doing what is necessary to take the initiative in order toensure compliance as soon as possible.
Therefore, we can expect to see cryptocurrency issuers multiply requests for licenses and approvals with the various European regulators, the latter wishing above all, broadly speaking, to protect the consumer by fighting against money laundering and all forms of financial crimes. This is also what CySEC offers, and therefore it can be a strategic choice.
This was confirmed in particular by a Revolut spokesperson:
“We welcome the European regulation and wholeheartedly support the clear intention of the European Parliament to support innovation while demanding strong customer protection measures to prevent any kind of market abuse. »
Re the United Kingdomthe fintech offers its services there thanks to a temporary authorization from the Financial Conduct Authority (FCA), pending your registration with the organization.
revolution continuesincrease your range of cryptocurrenciesthe fintech recently added about twenty at the beginning of the month, including APE, AVAX or SAND.
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