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European digital bank Revolut, with 20 million customers worldwide, has been approved by the Cyprus Securities and Exchange Commission (CYSEC) to offer Bitcoin and crypto services across the European Economic Area (EEA).
The EEA consists the 27 countries that are in the European Union, with the addition of Iceland, Liechtenstein and Norway.
Revolut, a company valued at $33 billion, became the first entity to receive approval as a crypto-asset service provider from the Cyprus regulator, the company said on Friday.
The green light from the Cyprus authority will allow Revolut to offer crypto services to its 17 million customers in the EEA through its crypto-asset hub that it plans to develop in Cyprus. With a company valuation of $33 billion, Revolut is the first entity to be granted approval as a crypto-asset service provide by the CYSEC.
In a statement, the bank said that the choice for Cyprus was a result of the advanced regulatory which has also brought crypto exchanges Crypto.com and eToro to the island.
The move by Revolut is made in anticipation of the enforcement of the EU’s Markets in Crypto-Assets (MiCA) regulation, to ensure it will be able to offer crypto services once the regulation is live.