Revolut has obtained a MiCA licence from Cyprus' financial watchdog, enabling the fintech firm to offer crypto services across the European Economic Area. The approval supports the company's ambitious plans in the sector amid growing competition. This milestone comes as Revolut prepares to launch an enhanced crypto offering.
On Wednesday, Revolut announced it had secured a Markets in Crypto-Assets (MiCA) licence from the Cyprus Securities and Exchange Commission. This regulatory approval allows the UK-based challenger bank to market crypto services across 30 countries in the European Economic Area.
The licence represents a key step in Revolut's broader push into cryptocurrencies. The company first enabled users to buy and sell digital assets in 2017, and crypto has since become integral to its business. In 2024, revenue from its wealth business, which includes crypto products and trading, surged 298% to $674 million, driven by increased crypto activity.
"It’s no secret that we have ambitious plans for the crypto sector in the future, and our MiCA license is fundamental to all of that," said Costas Michael, CEO of Revolut Digital Assets Europe, in a statement. Emil Urmanshin, director of crypto at Revolut, added, "Crypto is a big part of our belief in banking without borders, and securing our MiCA licence is a critical milestone."
Revolut now faces intensifying competition from both traditional financial institutions and crypto-native firms. Players like PayPal, Robinhood, Stripe, and BlackRock are expanding into crypto, while exchanges such as Coinbase and Kraken are venturing into fintech services. Coinbase launched a Visa debit card in 2020 and aims to become an "everything exchange," as CEO Brian Armstrong stated in July. Kraken has added custody, prime brokerage, and a neobanking product called Krak, with UK general manager Bivu Das noting plans to build it out in the UK and Europe over the next six to 12 months.
The MiCA licence precedes Revolut's upcoming "Crypto 2.0," which will offer more than 280 cryptocurrencies, zero-fee staking, and spread-free stablecoin conversions to the dollar.