• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Friday, June 9, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Cyprus Emerging as Preferred EU Crypto Base

August 26, 2022
in Regulations
Reading Time: 4 mins read
A A
Cyprus Emerging as Preferred EU Crypto Base
ShareShareShareShareShare

Related articles

Weekly Recap: Crypto's Regulatory Battle, Optimism Bedrock, and … – Messari

Weekly Recap: Crypto's Regulatory Battle, Optimism Bedrock, and … – Messari

June 9, 2023
Crypto attorney calls on public to form amicus curiae in Coinbase, Binance suits

Crypto attorney calls on public to form amicus curiae in Coinbase, Binance suits

June 9, 2023

Earlier this month, U.K.-based digital bank Revolut was granted authorization by the Cyprus Securities and Exchange Commission (CYSEC) to offer crypto services across the European Economic Area (EEA) which includes Iceland, Liechtenstein and Norway.

Read on: Revolut Wins Crypto Approval Across Europe

The U.K. FinTech unicorn, which first started facilitating cryptocurrency trades for its customers in 2017, this month upped the ante with the addition of 22 new tokens now available to its customers in the European Union (EU) and the U.K.

More on this: Revolut Adds New Crypto In Bid to Become Super App

The news makes Revolut the latest in a string of firms offering crypto services that have chosen to route their EU operations through a Cypriot license in a bid to maintain their regional foothold and take advantage of the EU passporting rules.

In March, crypto exchange platform FTX launched in Europe through an incorporated investment firm in Cyprus that is passported to the EEA, while Israeli multinational social trading and multi-asset investment company, eToro, has been registered in the country since 2010.

Meanwhile, Crypto.com, CMC Markets and BitPanda have all also obtained licenses from CYSEC.

Sophisticated, Robust Regulatory Regime

With the EU-wide Markets in Crypto Assets (MiCA) legislation set to come into effect in 2024, any firm that wants to offer services related to crypto assets will have to do so through an entity registered with an EU-based regulator like CYSEC.

The European Island country, a FinTech favorite for its crypto-friendly regulatory regime, has proposed the “Distributed Ledger Technology Bill” which will clarify the legal status of crypto assets and create a clear regulatory framework for companies offering crypto services.

In comments made to Blockworks on the anticipated act, Kyriacos Kokkinos, Cyprus deputy minister to the president for research, innovation and digital policy, said, “Through focusing on the technology sector, especially on new and disruptive technologies, like fintech and blockchain, we aim to build a new pillar of the economy that will give economic competitiveness and social prosperity.”

And Revolut seems to see that potential. According to Altfi, a company spokesperson said that “in establishing a hub for our crypto operations in the EU, we recognize that CYSEC has in-depth knowledge of crypto and its efforts to be a leader in crypto regulation.”

The neobank further said it picked Cyprus after an “in-depth survey of all EU countries,” with CYSEC chosen due to its “sophisticated and robust regulatory regime, as well as the strength of the existing crypto industry in Cyprus.”

Elsewhere, other European countries have also moved ahead with laws that require crypto firms to register with national authorities to offer their services.

Since May, for instance, crypto platforms that want to do business in Italy need to be listed on a national register administered by the Organismo Agenti e Mediatori (OAM) that is specifically devoted to crypto asset service providers and crypto wallets.

Further reading: How Payment Methods, Regulatory Regimes Are Shaping Italy’s FinTech Ecosystem

For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.

aml / kyc

NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS
About: The findings in PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed the responses from 9,904 consumers in Australia, Germany, the U.K. and the U.S. and showed strong demand for a single multifunctional super apps rather than using dozens of individuals ones.

Sign up for our daily newsletter.

You have successfully joined our subscriber list.

.

We’re always on the lookout for opportunities to partner with innovators and disruptors.

Join Us!



https://www.pymnts.com/cryptocurrency/2022/crypto-derivatives-coming-to-america/partial/

Credit: Source link

ShareTweetSendPinShare
Previous Post

Data center operator hosting 17% of Ethereum’s nodes says staking is not permitted

Next Post

Pre Merge, is Ethereum in ‘danger’ zone?

Related Posts

Weekly Recap: Crypto's Regulatory Battle, Optimism Bedrock, and … – Messari

Weekly Recap: Crypto's Regulatory Battle, Optimism Bedrock, and … – Messari

June 9, 2023

Weekly Recap: Crypto's Regulatory Battle, Optimism Bedrock, and ...  Messari Credit: Source link

Crypto attorney calls on public to form amicus curiae in Coinbase, Binance suits

Crypto attorney calls on public to form amicus curiae in Coinbase, Binance suits

June 9, 2023

John Deaton, managing partner at Deaton Law Firm, has called on Binance and Coinbase users to contribute to an amicus...

EU starts countdown to crypto legislation, adds MiCA to official journal – Cointelegraph

EU starts countdown to crypto legislation, adds MiCA to official journal – Cointelegraph

June 9, 2023

EU starts countdown to crypto legislation, adds MiCA to official journal  Cointelegraph Credit: Source link

Binance.US to go ‘crypto-only’ as banking partners cut ties

Binance.US to go ‘crypto-only’ as banking partners cut ties

June 9, 2023

Binance.US announced on June 9 that it would transition to a crypto-only exchange for now. The move comes as its...

United In Innovation: Hong Kong And UAE Central Banks Team Up … – Blockzeit

United In Innovation: Hong Kong And UAE Central Banks Team Up … – Blockzeit

June 9, 2023

United In Innovation: Hong Kong And UAE Central Banks Team Up ...  Blockzeit Credit: Source link

Load More
Next Post
Pre Merge, is Ethereum in ‘danger’ zone?

Pre Merge, is Ethereum in 'danger' zone?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bullish Run for Injective (INJ): Will the Momentum Continue?

Bullish Run for Injective (INJ): Will the Momentum Continue?

May 29, 2023
Sen Warren Bill on Crypto Regulation in the US spark reactions – Tekedia

Sen Warren Bill on Crypto Regulation in the US spark reactions – Tekedia

May 19, 2023
Brave Calls the Shots with NFT-Gated Video Service

Brave Calls the Shots with NFT-Gated Video Service

May 26, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Weekly Recap: Crypto's Regulatory Battle, Optimism Bedrock, and … – Messari
  • Testifying at U.S. House hearing
  • Binance.US to Halt Fiat Withdrawals As Early As June 13

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$26,620.00-0.13%
  • ethereumEthereum(ETH)$1,849.27-0.48%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.36%
  • binancecoinBNB(BNB)$262.86-0.94%
  • usd-coinUSD Coin(USDC)$1.00-0.09%
  • rippleXRP(XRP)$0.542.02%
  • staked-etherLido Staked Ether(STETH)$1,847.85-0.53%
  • cardanoCardano(ADA)$0.316379-4.01%
  • dogecoinDogecoin(DOGE)$0.0696912.11%
  • solanaSolana(SOL)$18.900.01%
  • matic-networkPolygon(MATIC)$0.77-0.90%
  • tronTRON(TRX)$0.0783080.62%
  • litecoinLitecoin(LTC)$89.841.14%
  • polkadotPolkadot(DOT)$5.050.21%
  • avalanche-2Avalanche(AVAX)$14.140.66%
  • binance-usdBinance USD(BUSD)$1.000.09%
  • shiba-inuShiba Inu(SHIB)$0.000008-0.25%
  • daiDai(DAI)$1.00-0.14%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,611.00-0.11%
  • uniswapUniswap(UNI)$4.650.04%
  • leo-tokenLEO Token(LEO)$3.52-0.30%
  • chainlinkChainlink(LINK)$6.030.21%
  • cosmosCosmos Hub(ATOM)$9.36-2.31%
  • okbOKB(OKB)$45.150.96%
  • moneroMonero(XMR)$141.70-2.25%
  • ToncoinToncoin(TON)$1.691.06%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • ethereum-classicEthereum Classic(ETC)$17.100.38%
  • stellarStellar(XLM)$0.0878170.03%
  • bitcoin-cashBitcoin Cash(BCH)$111.46-0.74%
  • true-usdTrueUSD(TUSD)$1.00-0.09%
  • lido-daoLido DAO(LDO)$2.220.24%
  • internet-computerInternet Computer(ICP)$4.302.14%
  • filecoinFilecoin(FIL)$4.11-1.19%
  • quant-networkQuant(QNT)$108.89-3.72%
  • AptosAptos(APT)$7.71-0.68%
  • hedera-hashgraphHedera(HBAR)$0.0486780.16%
  • crypto-com-chainCronos(CRO)$0.058347-2.13%
  • ArbitrumArbitrum(ARB)$1.14-0.27%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • nearNEAR Protocol(NEAR)$1.420.19%
  • vechainVeChain(VET)$0.017342-3.19%
  • apecoinApeCoin(APE)$2.90-1.11%
  • the-graphThe Graph(GRT)$0.113293-0.85%
  • paxos-standardPax Dollar(USDP)$1.000.01%
  • fraxFrax(FRAX)$1.000.09%
  • BSCEXBSCEX(BSCX)$263.14196.66%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • eosEOS(EOS)$0.900.74%