Europe Central Bank Shows the Way, Revolut Gets Cyprus Nod

Europe has shown the way for future regulation of cryptocurrency in a way that supports responsible businesses and safeguards users.

The future of cryptocurrencies in the EU depends on shared standards and open frameworks for blockchain businesses. If the European Union wishes to be a pioneer in blockchain technology, moving forward it should prioritize member state cooperation and blockchain law. Any decision the EU makes regarding digital currency will have a significant effect on the worldwide market and commercial adoption of blockchain technology.

The ECB announced that it would evaluate license requests for crypto-related activities and services using standards from the Capital Requirements Directive, which has been in operation since 2013. Banks were reportedly examining whether or not to participate in the cryptocurrency industry, according to the ECB, but country regulations varied quite extensively.

Revolution Wins Crypto Approval Across Europe

The Cyprus Securities and Exchange Commission (CySEC) has given London-based Revolut permission to work with cryptocurrencies and other digital assets. Revolut will be able to undertake retail crypto transactions in all countries inside the European Union, as well as in Iceland, Lichtenstein, and Norway, as a result of this step. To comply with forthcoming EU rules, the business intends to set up a bitcoin center on the island where it can provide extra services to its 17 million European clients.

Revolut already had similar approvals in places like Spain and Singapore before CySEC’s permission, as stated in an article by the Cyprus Mail. The London-based fintech will be able to increase its sales in a number of countries thanks to these licenses. The platform will keep providing support to its U.K.-registered firm for its British customers, who make up the majority of its clientele.

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