Revolut, a digital bank based in London, has won approval from regulators in Cyprus to offer cryptocurrency-related trading services, a move that will let Revolut conduct retail crypto transactions across the European Union and also in Iceland, Lichtenstein and Norway.
The Cyprus Securities and Exchange Commission indicated on its website that Revolut has been given permission to engage in the: exchange between crypto-assets and fiat currency; exchange between crypto-assets; “safekeeping” or management of cryptographic keys; receipt of transmission orders for crypto; “executive of orders on behalf of clients;” and “operation of a multilateral system, which brings together multiple third party buying and selling interests in crypto-assets in a way that results in a transaction.”
Under European Union regulations that already, or are expected to soon, govern use of cryptocurrencies, a company found to be suitable to do business in any EU country may conduct similar business anywhere in the region.
The speed with which that law, referred to casually as MiCA, is moving toward adoption has created concern among some U.S. officials that the European Union is taking the lead in developing a framework for cryptocurrency-related businesses.
Revolut stated on its website that it operates in more than 200 countries and regions, has more than 500,000 business users and has more than 20 million personal users.
News website Coindesk reported that Revolut offers access to about 80 cryptocurrencies after adding 20 last month. Revolut indicated it will continue to operate in the United Kingdom.