Digital Bank Revolut Gets Approval to Offer Crypto Services Throughout Europe

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Competent authorities will have the power to take appropriate administrative penalties and other administrative measures in the event of infringement, notwithstanding existing criminal sanctions in Member States. The Regulation will be administered by competent authorities designated by each Member State, a list of which will be published. The European Securities and Markets Authority and the European Banking Authority will be the overseeing regulatory bodies at Union level.
On its decision to pursue a local license, Yu said SEBA received inquiries from crypto companies who had “difficulty in accessing and managing their digital assets holdings via traditional providers” along with interest from private wealth and family offices. Onboarding the use of crypto and digital assets generally—with all their permutations and combinations—represents a significant commitment. Adopting crypto calls for a broad rethinking of fundamental strategic questions and how the company intends to manage operational complexities. Enabling crypto payments, such as bitcoin, without bringing it onto the company’s balance sheet may be a quick and easy entry point into the use of digital assets.
Our investing reporters and editors focus on the points consumers care about most — how to get started, the best brokers, types of investment accounts, how to choose investments and more — so you can feel confident when investing your money. Today’s opinion applies to national banks and federal savings associations of all sizes and is consistent with a number of states which have already authorized state banks or trust companies to provide similar functions. Prior to signing up, it’s worth checking that your preferred payment method is supported.
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