Revolut has received approval from the Cyprus Securities and Exchange Commission to provide cryptocurrency services in the European Economic Area (EEA).
The regulator has given Revolut the status of a crypto asset service provider. This is the first such license granted by them. Once approved, the $33 billion company will be able to offer cryptocurrency services to its customers.
According to news provider AltFi, Revolut said it had chosen Cyprus after a detailed study of all countries in the European Union. Their choice was based on the complex and robust regulatory regime in Cyprus and the strength of the crypto industry there.
Revolut will continue to offer crypto services in the UK. The firm has previously received approvals from Spain and Singapore.
Earlier this month, Revolut announced it was expanding its staff by posting job postings for 13 crypto-focused positions, including software engineers and lawyers. Revolut has already hired 43 crypto specialists this year.