Nikolas Sargeant
Fintech giant Revolut has secured a Markets in Crypto-Assets Regulation (MiCA) license from the Cyprus Securities and Exchange Commission, marking a significant milestone in its European cryptocurrency expansion. The authorization allows Revolut to offer regulated crypto services across all 30 markets in the European Economic Area, covering its 40 million European customers.
The MiCA license positions Revolut to market its complete suite of crypto products under the EU's comprehensive regulatory framework. The company plans to expand its crypto trading, staking, and stablecoin offerings while preparing to launch its next-generation Crypto 2.0 platform, which will feature access to over 280 tokens and zero-fee staking with yields reaching up to 22% annual percentage yield.
Costas Michael, CEO of Revolut Digital Assets Europe, emphasized that the authorization enables the company to deliver innovative crypto products with enhanced transparency and trust. The platform will include one-to-one stablecoin-to-dollar conversion without spreads and integration with Revolut's Visa and Mastercard crypto-enabled cards, offering seamless on and off-ramping tools.
Revolut, which serves more than 65 million customers globally, has been aggressively expanding its crypto operations. Rumors of their crypto expansion began swirling earlier this year when they posted a job for a General Manager for Crypto Derivatives. The company previously launched Revolut X, a dedicated desktop crypto exchange for experienced traders, which has since expanded to mobile platforms and attracted over 14 million crypto users worldwide. The fintech is also exploring entry into the crypto derivatives market for institutional clients.
MiCA Licensing Amid EU Regulatory Debate
Revolut's Cyprus license comes as the European Union grapples with concerns over fragmented cryptocurrency oversight across member states. The European Securities and Markets Authority is preparing proposals to centralize crypto supervision under a single EU body, moving away from the current system where individual national regulators issue MiCA licenses. Smaller countries like Lithuania, Malta, and Luxembourg have been leading the licensing process, but regulators argue this decentralized approach has created inconsistencies and inefficiencies.
The passporting provision that allows Cyprus-licensed companies like Revolut to operate across all EU markets has sparked particular debate, with France reportedly considering restrictions on crypto firms licensed in other member states, raising concerns about potential violations of single-market principles.
