Revolut has secured a Markets in Crypto Assets (MiCA) licence enabling the fintech to offer crypto and digital asset services across 30 European countries.
The Cyprus Securities and Exchange Commission (CySEC) approved Revolut’s MiCA licence which will provide regulatory oversight across the European Economic Area (EEA).
Revolut’s crypto service offerings consist of in-app crypto trading to buy and sell up to 280 cryptocurrencies with 0% attached fees. The Revolut app also enables deposits and withdrawals to add and send over 30 cryptocurrencies.
The UK fintech also has two dedicated services for crypto; Revolut Ramp and Revolut X.
Revolut Ramp supports in-app crypto trading on the Revolut app. Revolut X is the company’s dedicated crypto exchange it launched in May 2024. After initial success in the UK, Revolut X expanded across Europe in the 30 EEA countries.
Now equipped with a MiCA licence, Revolut can begin rolling out its new offering Crypto 2.0. This will see Revolut expand the total number of cryptocurrencies it supports, while offering zero-fee staking and introducing stablecoin conversions.
The expanded Crypto 2.0 platform also intends to reward users with 22% in annual yield, with stablecoin conversions to US dollar backed 1:1 with no spread.
“Securing the licence reflects CySEC’s trust in our regulatory standards,” said Costas Michael, CEO of Revolut Digital Assets Europe.
“MiCA gives us the clarity to deliver trusted, next-generation crypto products for Europe’s growing digital finance community.”
A new crypto player in Europe
Revolut has credited the 298% year-on-year growth of its crypto division, under the company’s ‘wealth’ arm, as well as the $674m it generated in revenue, as the means for European expansion.
The digital bank also becomes the latest fintech company to acquire a MiCA licence and join a European crypto landscape becoming increasingly competitive, from both payments companies and crypto exchanges.
Two of Revolut’s largest competitors will be Robinhood and PayPal. Robinhood, under its European subsidiary Robinhood Europe UAB, received its licence form the Bank of Lithuania, however, PayPal is still yet to receive one.
While Robinhood has focused heavily on providing services like its tokenised stock offering, Stock Tokens, PayPal operates under regulation in the UK with a crypto asset licence from the Financial Conduct Authority (FCA).
