Revolut has gotten a Markets in Crypto-Assets Regulation (MiCA) license from Cyprus’ financial watchdog, CySEC, as part of a strategic move. This approval allows the fintech to offer regulated crypto services in all 30 countries in the European Economic Area (EEA), which is a big step forward in its growth in Europe.
The license will help Revolut reach its bigger crypto goals as the company gets ready to launch its Crypto 2.0 platform. Costas Michael, the CEO of Revolut Digital Assets Europe, said that the approval makes things more clear and trustworthy for customers. He also said that the group is still committed to crypto as a real asset class.
With MiCA, Revolut can sell all of its crypto products in Europe, where they are regulated. The company has more than 65 million customers around the world, including about 40 million in Europe. It plans to add more trading, staking, and stablecoin options under the new rules.
Crypto 2.0: a bigger, better platform
Along with the regulatory milestone, Revolut launched Crypto 2.0, a new crypto platform that promises a wider range of tokens and better staking options. The platform is supposed to let you access more than 280 tokens, with staking rewards of up to 22% APY and a 1:1 stablecoin-to-USD conversion with no spreads.
Revolut says that Crypto 2.0, along with its crypto-enabled Revolut Visa/Mastercard cards, easy on- and off-ramping tools, and low-fee Revolut X trading tier (0.00%–0.09%), aims to provide one of the most extensive and cost-effective crypto experiences in Europe. Last year, Revolut launched Revolut X, a desktop-focused exchange aimed at more experienced traders, offering access to about 100 tokens with competitive fees and real-time on/off-ramp features.
Revolut growth throughout the EEA
Revolut X is already available in 30 markets across Europe, which means that Revolut’s crypto exchange is already available in more countries. There are more than 14 million crypto users on the platform around the world, and you can access it on your phone through the App Store and Google Play.
Institutional momentum
Earlier this year, Revolut said it wanted to get more involved in the crypto derivatives market. This showed that the company wanted to serve institutional clients and maybe even expand its product line beyond retail offerings.
In short, Revolut’s MiCA license in Cyprus not only expands its regulatory reach across Europe, but it also speeds up the rollout of Crypto 2.0, a platform that will offer a wider range of tokens, better staking yields, and easier currency conversions. This makes Revolut a more complete crypto player in the region.
