Revolut, the European digital bank (neobank) has recently shown great interest in cryptocurrencies. The approach taken shows Revolut's persistence in trying to give its customers exposure to digital assets.
Now, Revolut got the permission that will help realize its dream of developing cryptocurrency.
According to the latest report, Revolut obtained a license to offer cryptocurrency to its customers in the European Economic Area amounting to 17 million.
This has made Revolut the first institution to be awarded a Crypto Asset Services Supervisor (CASP) license by the Cyprus Securities and Exchange Commission (CSEC).
Furthermore, this bright opportunity could help realize the digital bank's plan to develop a crypto hub in central Europe. In particular, Cyprus' crypto approach influenced Revolut's decision to obtain an operating license from the CSEC.
The acquisition of the CASP license is just one step towards Revolut's ultimate goal of providing cryptocurrency to its customers.
As banks expect Markets in Crypto Assets (MiCA) to become law, Revelot is seeking to receive European regulatory clearance so it can serve a coalition of countries when MiCA is established.
Accordingly, Revolut has requested cryptocurrency regulatory relief from the UK, but its efforts have not fully yielded results. This is because the bank only received temporary approval from the Financial Conduct Authority (FCA) in the UK.
As such, Nikolay Storonsky, founder and chief executive officer of Revolut has criticized the FCA for having a lackluster regulatory process.
It is understood that, Revolut has more than 3 million customers which gives users full exposure to the importance of cryptocurrency to fintech companies.
Revolut has also worked hard to fully integrate cryptocurrencies into the service for customers. Recently, the firm revealed its plans to grow its crypto team by 20% in 6 months.
