Digital banking service providers, Revolut has been awarded authorization by the Cyprus Securities and Exchange Commission (CYSEC) to offer its services across the European Economic Area (EEA). According to reports, Revolut is the first entity to be awarded crypto-asset service provider (CASP) by Cyprus regulators.

With this new authorization, Revolut will now be able to offer it’s products and services to 17 million customers in the EEA region from their new Cyprus hub. Revolut said that it chose Cyprus after looking at other European countries. The island country is also home to other giant crypto service providers like CryptoCom, eToro, CMC markets, and Bitpanda.

Revolut also acquired authorization fromthe Monetary Authority of Singapore (MAS) and the Spanish Central Bank. Over the next six months, the British digital banking company is also planning to increase their crypto-focused staff by 20% in the U.S., U.K. and Europe. This year, Revolut hired 43 of such staff members and added 22 new crypto assets to its trading catalogue.

This development comes ahead of the new Markets in Crypto Assets (MiCA) law. Lawmakers have been debating for over two years on the MiCA framework but a consensus has been reached and the law will come into force by the end of 2023. The law is a big part of the digital finance strategy of the European Commission.

MiCA’s primary focus is to ensure legal certainty by setting up a healthy legal framework for crypto-assets within it’s scope that have been neglected by existing financial services legislation. It will also aim to support innovation and fair competition while also protecting market participants from the risks that come with crypto assets. Also, it will address any risks associated with financial stability.

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