Revolut Gains CySEC's Approval to Offer Cryptocurrency Services

The digital bank, Revolut has been authorized by CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term to offer crypto services as a crypto-asset service provider. The approval allows Revolut to offer cryptocurrencies to European clients including Norway.

Revolut is valued at $33 billion and has approximately 17 million clients in the EU bloc. Revolut's crypto hub will be in Cyprus.

Revolut did apply for a license in the UK, it is currently under the FCA's temporary registration list. The reason why the digital bank chose Cyprus is to ensure it is under European regulations prior to MiCA enforcement, which will not disrupt its services.

Earlier this month, Revolut received in-principal approval from the Monetary Authority of Singapore, offering more than 80 tokens in their platform, including Apecoin, the Sandbox, Request and more.

Emil Urmanshin, the Crypto General Manager at Revolut, said: "We've given a big boost to our offering while empowering people to take more control of their finances and giving them safe access to new tools and services being built in crypto."

Urmanshin added that crypto assets were between five and ten percent of the company's revenue.

Revolut 'Learn & Earn'

Revolut launched its 'Learn & Earn' courses that reward clients with tokens (DOT). The courses focus on cryptocurrencies and blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology.

The courses have been a success as over 1 million clients have completed the courses.

Despite the high inflation in the UK, transactions from the UK have increased by 20% compared to the same period last year.

As opposed to other crypto companies such as Coinbase, Revolut announced that it is increasing its global workforce by 20%. Approximately 20 new crypto jobs were offered in the UK alone.

Aside from cryptocurrencies, Revolut launched a new booking service ('Stays') earlier this year.

The service offers customers a 10% cashback, no booking fees will be charged by Revolut.