Revolut scores crypto license and has major expansion plans

Fintech company Revolut has already conquered Europe when it comes to a variety of financial services, but now also has the green light to move into the field of crypto. The British bank has received the MiCA license from the financial regulator in Cyprus and is now allowed to offer crypto services throughout the European Economic Area (EEA).

‘Crypto passport’ for the entire EU

With the license, Revolut, the fastest growing bank of banking/fintech app, is taking an important step in its European expansion. Under the Markets in Crypto-Assets Regulation, a company is not allowed to offer crypto services without a license.

The European Parliament officially approved the MiCA legislation in April 2023, the first major European law providing a legal framework for crypto companies, stablecoins and digital assets within the European Union. The rules for stablecoins came into effect in June 2024, and the rules for crypto service providers came into effect in December of that year.

Companies that were already active before December 2024, such as Revolut, which was founded in 2015, will be given a transition period of a maximum of 12 to 18 months in most Member States (including the Netherlands and Cyprus). Revolut has been able to continue its crypto services in the meantime.

With the MiCA license it can continue to do so in all 30 countries of the European Economic Area (EEA). So you don’t have to ask permission in every country. A kind of ‘crypto passport’.

According to Revolut Digital Assets Europe CEO Costas Michael, the license gives the company the ability to develop “reliable, next-generation crypto products” for the fast-growing European market.

The company says the approval reflects regulators’ confidence in its “compliance-first” approach.

With this move, Revolut aims to further expand its offering with more than 280 tokens, zero-fee staking with rewards of up to 22 percent per year, and stable 1:1 exchanges from stablecoins to the US dollar.

14 million crypto users

Revolut now has more than 65 million customers worldwide. Of that group, more than 14 million users, about 22 percent, actively trade in crypto.

The app added crypto trading back in 2017, allowing customers to easily purchase Bitcoin (BTC), Ethereum (ETH), and hundreds of other tokens. In 2024, Revolut X was launched, a separate trading platform for active crypto traders.

Within Revolut, crypto has grown into a core activity. Turnover in the “Wealth” division tripled last year, partly due to rising prices and increased trading volume.

Last month, Revolut was also in the news because the company was reportedly working on a dual stock exchange listing in both London and New York. They would aim for a valuation of around $75 billion.