License for Revolut, EU Parliament, rules for FINMA
Revolut Cryptoexchange has received a banking license from the ECB, the European Parliament promotes the blockchain. The Swiss government simplifies the regulation of the cryptocurrency market.
British Revolut was licensed by ECB
The payment platform Revolut received permission from the European Central Bank. Now it will be able to provide banking and other services throughout the European Union. Due to this, Revolut Bank will be able to offer not only trade in digital financial assets, but also engage in lending in fiat money.
Founded in 2015, the company initially focused on the purchase, sale and exchange of cryptocurrency. Obtaining a license of the European regulator was a new step in the development of the company's business. But in this event another aspect is important - the EU authorities have become more sympathetic to the business in the blockchain field.
EU wants to be a leader in promoting blockchain
The adopted resolution of the European Parliament calls for speeding up the process of intensifying the implementation of the blockchain in business. It says that, thanks to new technologies, the exchange of goods and services with other countries can be greatly simplified.
Lawmakers recognize that cyber security is now one of the most important. However, the application of new technologies in the product supply chain will improve the business climate in Europe. Especially significant problems now exist for small and medium-sized businesses. According to government agencies, no more than 67% of exporters apply preferential tariffs when trading.
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New Approach to Blockchain Regulation in Switzerland
The report of the Swiss government, which says about the update approach to the regulation of the blockchain in the financial industry. It is proposed to endow the Financial Markets Authority (FINMA) with new powers.
In particular, it is proposed to simplify the regulation of securities and cryptocurrency trading on decentralized sites. Provided that they do not pose a threat to capital to investors. This statement is somewhat contrary to the policy of the European Union, which requires tighter supervision over the activities of cryptoexchanges. However, on this issue the Swiss authorities demonstrate a more liberal approach. It is the country's largest exchange that trades in a Bitcoin-ETF financial contract, the acceptance of which in the EU and the US has not yet been agreed.
