Revolut Wins Approval to Offer Bitcoin to 17 Million Users in the EU

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Digital bank Revolut couldn’t have picked a better name. It has already made several revolutionary decisions so far, but the latest one is the most radical. It serves over 20 million users in the UK and throughout Europe, and is now the first legal entity to offer Bitcoin and crypto services legally in Europe. It has just received approval to do that and will serve around 17 million users with Bitcoin.

It’s a major hallmark for the digital bank that will surely draw even more customers to its services. The approval comes after it applied for the service and prior to the EU’s introduction of an overhauled legal framework for digital assets. Revolut has about 80 cryptocurrencies in its rich portfolio after adding 20 new just earlier this month.

Approval from the CYSEC

The approval comes from the Cyprus Securities and Exchange Commission. With the nod, Revolut can now offer Bitcoin services to 17 million users across Europe. This will be done through a digital services hub that it plans to build in the country. Of course, it will continue serving its UK customers, although approval for Bitcoin services via the UK’s FDA is yet to be approved. But, thanks to the FCA’s Temporary Registration Regime, it will continue legal fiat money operations in the United Kingdom.

Recently valued at $33 billion, Revolut’s latest Bitcoin approval is proof that the global financial landscape is changing. Crypto firms are trying to establish a base in Europe, but they need to be regulated first. They are trying to do this before EU’s MiCA act goes live. It is supposed to provide customer protection and prevent scams and money laundering as well as other financial crimes. However, many doubt it can do that, so it remains to be seen how good it’ll be for the crypto network.

With 17 million users in Europe, Revolut is primed to offer crypto services once MiCA goes live.

Why Build a Base in Cyprus?

For many experts, Revolut’s decision to build a base in Cyprus is head-scratching. A spokesperson for the digital bank said that the country was picked after an in-depth survey of all European countries. Cyprus was the winner of the deep scan thanks to the “robust regulatory regime” and the strength of the existing crypto industry.

By establishing a crypto hub in Cyprus, Revolut hopes to grow into a crypto service leader in Europe. With the MiCA bill expected to go live in 2023 or as late as 2025, it won’t be long before Revolut’s services go live too.

In the meantime, the company is planning to increase its crypto workforce by a whopping 20%. New employees will be hired in the EU, UK, and the USA over the next six months which aligns with the company’s new plans. Revolut recently launched a new crypto educational platform, reporting that a total of 1.5 million users completed it a month after launch. Learners from 32 countries passed the test, once again confirming how big of a player the company is.

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Author: Harper James